New Delhi: India and Norway on Wednesday discussed the implementation of the India-EFTA free trade agreement, which was signed in March last year to boost economic ties.
The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
The agreement, which is expected to be implemented this year, was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Norwegian Minister of Foreign Affairs Espen Barth Eide.
Goyal is on an official visit to Oslo. "In my first engagement after arriving in Oslo, held a bilateral meeting with @EspenBarthEide, the Norwegian Minister of Foreign Affairs. 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," Goyal said in a post on X.
India and EFTA signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products like Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.
Goyal also held a meeting with Cecilie Terese Myrseth, Minister of Trade and Industry of Norway.
"Our talks focused on deepening trade engagement in alignment with the India-EFTA Trade and Economic Partnership Agreement and on exploring new opportunities to further elevate India-Norway bilateral ties," he said, adding that the two countries also deliberated upon expanding economic cooperation, fostering innovation-led growth, and exploring potential collaborations.
In an interaction with the India-Norway business community, the Indian minister highlighted investment opportunities for Norwegian investors.
As per estimates, the Government Pension Fund Global (GPFG) of Norway has a net value of about USD 1.3 trillion. GPFG's total investment in India is around USD 15 billion.
"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 added.
During April-January 2024-25, India's exports to Norway were USD 403.08 million, while imports stood at USD 793.85 million. The trade gap (USD 390.77) is in the favour of the European nation.
The main exports from India to Norway include articles of apparel and accessories, textile yarn fabrics, chemicals, metals, pharmaceutical products and electrical machinery and apparatus, while imports include non-ferrous metals, metal scrap, plastic in primary form, and chemicals.
Over 140 Norwegian companies are engaged in India either through joint ventures with Indian partners or through wholly-owned subsidiaries in areas like shipbuilding, petroleum-related services, marine/sub-sea drilling equipment, hydropower, clean energy, and IT services.
Major Norwegian investors in India are Statkraft, Norfund, Jotun, DNB Nor, Kongsberg and Yara.
Indian companies have also invested in Norway over the last few years. Indian IT majors TCS, Infosys, HCL, and Tech Mahindra are present in Norway.
