India, Norway discuss implementation of trade pact

Union Commerce and Industry Minister Piyush Goyal concluded his productive visit to Norway, the first by a Commerce and Industry Minister from India in over 25 years.During his stay, he held an interaction with leading Norwegian investors during a panel discussion on Wednesday. Deliberated on investment opportunities in India’s capital markets and the potential of GIFT City to emerge as a new gateway for investors amidst the evolving global economic landscape, he said. According to Goyal India -Norway ties are set to enter a new phase of trust and growth.
Goyal held a bilateral meeting with Norwegian Foreign Minister Espen Barth Eide on Tuesday to discuss the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), with the focus on strengthening economic cooperation and boosting investments. During the meeting, both leaders reaffirmed their commitment to fully operationalising the landmark agreement signed on March 10, 2024. The India-EFTA TEPA, involving the European Free Trade Association (EFTA) bloc comprising Switzerland, Norway, Iceland, and Liechtenstein, is poised to enhance trade flows and deepen investment ties between India and the EFTA countries.
"We discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), strengthening bilateral ties, and boosting trade and investment between our nations," Minister Goyal stated in a post on X (formerly Twitter) following his meeting with Eide. A major highlight of the agreement is EFTA’s commitment to promote foreign direct investment (FDI) of up to  $100 billion into India over the next 15 years. This ambitious investment target is expected to generate approximately 1 million direct jobs across sectors in India. Notably, the pledged investments pertain solely to FDI and do not include foreign portfolio investment (FPI).
Both ministers also underscored the strategic importance of the partnership for sustainable growth and inclusive development. The TEPA is structured to not only liberalize trade in goods and services but also to foster cooperation in areas such as intellectual property rights, trade facilitation, and investment promotion. The EFTA was established in 1960 to promote free trade and economic integration among its member countries. With this agreement, India strengthens its economic engagement with a region known for its advanced industrial base, innovation, and high per capita income.

(Business Correspondent)