NEW DELHI, Dec 8: On Sunday, Norway announced its intention to ratify the India-EFTA free trade agreement next year, according to the commerce and industry ministry.
The four-nation EFTA (European Free Trade Association) and India signed the agreement, known as the Trade and Economic Partnership Agreement (TEPA), on March 10 this year. However, it requires ratification from all four member countries before it can be put into action.
The agreement was a key topic during the India-Norway Business Forum held in Mumbai.
Norway’s Ambassador to India, May-Elin Stener, referred to TEPA as a milestone in bilateral relations, emphasizing its potential to boost trade and investment between the two nations.
“She mentioned Norway’s goal to ratify TEPA by 2025, focusing on sectors like renewable energy, maritime industries, climate, and sustainability,” the ministry reported.
The ambassador also announced that Norway will host the Indo-Nordic Summit in 2025.
During the discussions, numerous Norwegian companies reiterated their commitment to expanding their presence in India.
The session featured an interactive dialogue chaired by Commerce and Industry Minister Piyush Goyal, where stakeholders raised essential issues including regulatory hurdles, public procurement challenges, and compliance with quality standards across various sectors.
Concerns related to key areas such as maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy, and the circular economy were presented to the minister.
“Goyal pledged to collaboratively address these challenges with the relevant ministries to enhance bilateral trade,” the report stated.
He also proposed the creation of a startup bridge between Norway and India at the next ministerial meeting, an initiative the ambassador suggested could be launched during the forthcoming Indo-Nordic Summit.
Goyal encouraged Norwegian firms to tap into local talent not only for domestic ventures but also as a springboard for entering international markets.
Bilateral trade between India and Norway has reached USD 1.1 billion, with Norway becoming India’s 33rd largest source of foreign investment. (PTI)
