December 9, 2024
The four-nation EFTA bloc and India signed TEPA on 10 March, 2024, requiring ratification from all member countries for implementation
Norway's ambassador to India emphasised the agreement's potential to enhance trade and investment, with renewable energy, maritime industries, and sustainability as key areas of focus
Commerce Minister Piyush Goyal assured the resolution of regulatory and quality standards issues raised by Norwegian firms across multiple sectors
Goyal proposed a "startup bridge" initiative to foster collaboration, which may be launched during the Indo-Nordic Summit in 2025
During the India-Norway Business Forum in Mumbai, Norway reaffirmed its commitment to the India-EFTA TEPA, a free trade pact to strengthen economic ties. Signed on 10 March this year, the agreement awaits ratification by EFTA’s four member countries to become operational. Norway’s ambassador to India, May-Elin Stener, termed TEPA a significant milestone and outlined its potential to elevate bilateral trade and investment, focusing on sectors like renewable energy, maritime industries, and sustainability.
Stener confirmed Norway’s intention to ratify TEPA by 2025 and announced plans to host the Indo-Nordic Summit that year. She also suggested launching a collaborative “startup bridge” initiative between the two nations, a proposal echoed by Commerce Minister Piyush Goyal.
At the forum, Goyal facilitated an open dialogue addressing key issues raised by Norwegian firms, including regulatory hurdles, public procurement policies, and compliance with quality standards. These challenges span logistics, energy, food processing, and the circular economy. Goyal assured collective action with relevant ministries to resolve these concerns and enhance bilateral trade prospects.
Norwegian companies reiterated their commitment to expanding operations in India, with Goyal encouraging them to use local talent for domestic opportunities and as a gateway to international markets. Bilateral trade between India and Norway has reached US$1.1 billion, ranking Norway as the 33rd largest investor in the Indian economy.
Source: Mint