With market access to nations in the European Free Trade Association (EFTA), the Trade and Economic Partnership Agreement (TEPA) could increase 99.6% of Indian exports and attract $100 billion in investment, according to the government. In order to advance the goals of TEPA, which was signed in March of this year, this was communicated during a delegation’s visit to Norway on Friday, which was led by Sunil Barthwal, Secretary, Department of Commerce.
According to the Ministry of Commerce and Business, the Indian economy is expected to grow from the fifth largest in the world to the third largest in the next three to four years, presenting the Commerce Secretary with previously unheard-of potential for Norwegian business. Barthwal met with Tomas Norvoll, State Secretary of Norway’s Ministry of Trade, Industry, and Fisheries, to talk about boosting trade and investments, reviving current institutional processes, facilitating professional mobility for Indians, and the next steps for ratifying the TEPA.
The Norwegian Chamber of Commerce (NHO), Innovation Norway, Shipbuilders Association, Raeder Bing Law Firm, and executives and chief executive officers of a number of major Norwegian corporations were among the business stakeholders with whom the tour was also conducted. These companies covered a wide range of industries, including consumer goods, green hydrogen, mining, information technology, textiles, seafood, renewable energy, and the shipping sector. Four wealthy countries—Switzerland, Iceland, Norway, and Liechtenstein—who form a significant European economic bloc, signed the Trans-Pacific Economic Partnership (TEP) with India. The government claims that the pact will support “Make in India” and give young, skilled workers opportunities.
