India and Norway Advance EFTA Trade Pact: Key Discussions for Economic Growth

New Delhi: India and Norway recently had discussions about the India-EFTA free trade agreement, signed last March. This deal aims to strengthen economic ties between India and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland.

Commerce and Industry Minister Piyush Goyal met with Norwegian Foreign Minister Espen Barth Eide in Oslo. They talked about implementing the Trade and Economic Partnership Agreement (TEPA) and enhancing trade and investment opportunities between the two nations.

Goyal mentioned on social media, “After arriving in Oslo, I had a fruitful meeting with @EspenBarthEide. We focused on strengthening bilateral relations and boosting trade.”

The TEPA grants India a significant investment commitment of USD 100 billion over 15 years. In return, several products—like Swiss watches and chocolates—will enjoy lower or zero duties, making it easier for these items to enter the Indian market.

During his visit, Goyal also met with Cecilie Terese Myrseth, Norway’s Minister of Trade and Industry. They discussed how to deepen trade connections and find new ways to enhance India-Norway relations. This includes fostering innovation and exploring potential collaborations.

In a meeting with the India-Norway business community, Goyal highlighted the investment opportunities available in India’s capital markets. He noted that as global economic conditions shift, GIFT City in India could become a prime destination for investors.

According to estimates, Norway’s Government Pension Fund Global (GPFG) is valued at around USD 1.3 trillion, with an existing investment of about USD 15 billion in India. During the fiscal year 2024-25, India exported goods worth USD 403.08 million to Norway, while imports reached USD 793.85 million, resulting in a trade deficit of approximately USD 390.77 million in Norway’s favor.

India’s main exports to Norway include clothing, textiles, chemicals, and electrical machinery, while imports consist mainly of non-ferrous metals and chemical products.

Over 140 Norwegian companies are currently operating in India, mainly in sectors like shipbuilding, marine drilling equipment, and clean energy. Notable Norwegian companies involved in India include Statkraft, Norfund, and Jotun. On the flip side, Indian firms like TCS and Infosys have also established a presence in Norway.

This collaboration between India and Norway not only promises economic growth but also aims to foster innovation and enhance bilateral ties in a rapidly changing global landscape.

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INDIA, NORWAY, EFTA TRADE PACT, EUROPEAN FREE TRADE ASSOCIATION, INDIA NORWAY DISCUSS IMPLEMENTATION OF EFTA TRADE PACT