Norway’s Minister of Trade and Industry, Jan Christian Vestre, said on the historic trade deal between India and the European Free Trade Association (EFTA), outlining the significant investment commitments and the deliberate focus on ease of doing business.
His observations shed light on the motivations behind this significant international agreement and demonstratef how it could serve as a template for similar deals in the future, particularly ones including the European Union.
The agreement features an ambitious investment target, with EFTA committing to invest $100 billion in India, which Vestre discusses in detail.
Vestre said, “We have a very ambitious goal. “We spent quite a lot of time on defining that goal… And when we put everything into the Excel spreadsheet, these are the numbers we got.”
He continued, “The agreement makes it very clear now that it refers to the domestic legislation here in India and also that it should be in accordance with international law so I don’t think that will be any problem now or in the years to come we have had more difficult issues than that, I can admit.”
“Yeah, I mean, we know, we do know from history that increased trade means increased investment and increased job creation. And that’s simply because we need to have the you know the right business climate the foundation the framework conditions for our companies to see that this is a predictable market where they can invest where they can grow and where they can have return on their investment so the agreement simply is what we need to make this happen our commitment is to promote investments in India promote job,” he continued.
The pact demonstrates diplomatic tact in managing potentially difficult topics by keeping an eye on mutual economic gains and aligning with India’s legal framework and international law.
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