Aimed at furthering the objectives of the Trade and Economic Partnership Agreement (TEPA), Sunil Barthwal, the Secretary of the Department of Commerce visited Norway on 22 November 2024, accompanied by other senior officials. The visit was also aimed at unlocking the large market in European Free Trade Association (EFTA) countries for Indian exports of goods and services and pushing for early implementation of USD 100 billion investment.
Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway for discussions on promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and the next steps for the TEPA ratification. The Commerce Secretary also called on Cecilie Myrseth, Minister of Trade and Industry and Jan Christian Vestre, Minister of Health and Care Services.
The visit also included discussions with business stakeholders including Norwegian Chamber of Commerce (NHO), Innovation Norway, Shipbuilders Association, Raeder Bing Law Firm and leaders of several large Norwegian companies representing diverse sectors, in particular, renewable energy, shipping industry, consumer goods, green hydrogen, textiles, seafood, mining, Information technology and other sectors of mutual interest.
TEPA, signed in March 2024, is a modern and ambitious trade agreement which India signed with four developed nations – an important economic bloc in Europe. The agreement will give a boost to Make in India and provide opportunities to the young and talented workforce. EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India’s exports.
The EFTA’s market access offer covers 100 per cent of non-agriculture products and tariff concession on Processed Agricultural Products (PAP). 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.
TEPA is expected to 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 research and development (R&D).