Economy
India Pushes For EFTA Free Trade Agreement Implementation In Norway, Eyes $100 Billion Investments
Pic Via PIB
India's commerce secretary Sunil Barthwal visited Norway on Friday (22 November) in a bid to expedite the implementation of the Trade and Economic Partnership Agreement (TEPA) and promote $100 billion in investments.
The visit was aimed at furthering the objectives of Trade and Economic Partnership Agreement (TEPA) and unlocking the large market in European Free Trade Association (EFTA) countries for Indian exports of goods & services and push for early implementation of $100 bn investment.
The EFTA is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland.
The TEPA pact between India and EFTA countries was signed in March 2024.
TEPA is a comprehensive agreement offering India access to 99.6 per cent of EFTA’s market, with significant tariff concessions on non-agricultural products and processed agricultural goods.
In return, India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of EFTA exports. India has offered 105 sub-sectors to the EFTA and secured commitments in 114 from Norway, according to a Commerce Ministry statement.
During his Norwary visit, Barthwal held discussions with Tomas Norvoll, State Secretary of the Ministry of Trade, Industry, and Fisheries, and other senior Norwegian officials.
The Commerce Secretary also met Norwegian Parliament members to underline the agreement’s potential benefits.
In meetings with Norwegian business stakeholders, the commerce secretary highlighted unprecedented opportunities for Norwegian industry as the Indian economy rises from being the fifth largest economy to becoming the third largest economy in the world over the next 3-4 years.
According to the ministry, TEPA will give impetus to “Make in India” and Atmanirbhar Bharat by encouraging domestic manufacturing in sectors such as Infrastructure and Connectivity, Manufacturing, Machinery, Pharmaceuticals, Chemicals, Food Processing, Transport and Logistics, Banking and Financial Services and Insurance.
Further, the ministry expects that the pact will accelerate the creation of a large number of direct jobs for India’s young aspirational workforce in the next 15 years in India, including better facilities for vocational and technical training.
TEPA also facilitates technology collaboration and access to world leading technologies in precision engineering, health sciences, renewable energy, Innovation and R&D, it added.
