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- Why in News?
- India has entered into a landmark Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) nations—Switzerland, Norway, Iceland, and Liechtenstein.
- Key Provisions:-
- The deal carries a binding assurance of $100 billion investment and creation of one million direct jobs in India over the next 15 years, making it the first FTA to link trade with job generation. Switzerland emerges as India’s biggest trade partner within EFTA, followed by Norway.
- The pact provides full duty-free access to EFTA for non-agricultural goods while safeguarding India’s sensitive sectors like dairy, coal, pharma, and medical devices. It expands opportunities in services such as IT, education, and professional fields through Mutual Recognition Agreements and greater mobility for skilled professionals under multiple service modes. EFTA has offered tariff concessions on 95% of India’s exports, with India reciprocating on 80% of its tariff lines. This model agreement strengthens ‘Make in India,’ supports MSMEs, and enhances India’s global trade footprint.
- Why in News?
- India has secured re-election to Part II of the Council of the International Civil Aviation Organization (ICAO), reaffirming its active role in shaping global civil aviation policies.
- Key Provisions:-
- The Council, a key decision-making body, is responsible for setting international standards and ensuring uniformity in global aviation practices.
- The ICAO was established in 1944 through the Chicago Convention as a specialized United Nations agency. Today, it has 193 member states, with India being one of its founding members. Its mandate extends to ensuring safety, security, efficiency, and sustainability of international air transport.
- Beyond technical standards, ICAO plays a vital role in facilitating a seamless global aviation network that supports international trade, tourism, cultural exchange, and socio-economic development. India’s re-election underlines its growing influence in the aviation sector, highlighting its commitment to strengthening global connectivity and contributing to the development of a secure and sustainable international civil aviation framework.
- Why in News?
- The newly constituted Payments Regulatory Board (PRB) under the Reserve Bank of India functions as the apex authority for regulating and supervising payment systems as per the Payment and Settlement Systems Act, 2007.
- Key Provisions:-
- The Board may also invite experts, either permanent or ad hoc, to provide guidance during its meetings. It is mandated to meet at least twice a year, with a minimum quorum of three members, including the Chairperson (or the Deputy Governor in their absence) and a nominated member. Decisions are taken by majority vote, and in case of a tie, the Chairperson (or Deputy Governor) exercises a casting vote.
- The 2007 Act empowers RBI to oversee all forms of payment systems, from traditional cheque clearing to modern electronic platforms such as RTGS and NEFT. It also emphasizes customer protection, ensuring fair charges and holding intermediaries accountable, thereby maintaining trust and efficiency in India’s payment ecosystem.
- The Board may also invite experts, either permanent or ad hoc, to provide guidance during its meetings. It is mandated to meet at least twice a year, with a minimum quorum of three members, including the Chairperson (or the Deputy Governor in their absence) and a nominated member. Decisions are taken by majority vote, and in case of a tie, the Chairperson (or Deputy Governor) exercises a casting vote.