India’s Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) countries is set to unlock major opportunities, potentially boosting 99.6% of Indian exports and driving investments of up to $100 billion, according to the government.
The agreement, signed in March this year, has garnered significant attention, especially with the recent visit of Sunil Barthwal, Secretary of the Department of Commerce, to Norway on Friday to discuss its potential and next steps.
Key Takeaways
According to the Ministry of Commerce and Industry, the Commerce Secretary emphasized the unprecedented opportunities for Norwegian industry as India’s economy is likely to grow from the fifth to the third largest in the world within the next three to four years.
During the visit, Barthwal met with Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway, to discuss expanding trade, investments, and mobility for Indian professionals.
They also discussed the re-energizing of existing institutional mechanisms and the ratification process for TEPA.
The visit included high-level discussions with Norwegian officials, such as Cecilie Myrseth, Minister of Trade and Industry, and Jan Christian Vestre, Minister of Health and Care Services.
Additionally, Barthwal engaged with business stakeholders from key sectors such as renewable energy, shipping, green hydrogen, textiles, consumer goods, seafood, IT, and more.
These interactions aimed to deepen economic cooperation and encourage Norwegian businesses to invest in India.
India’s TEPA with EFTA – comprising Switzerland, Iceland, Norway, and Liechtenstein opens up a significant market for Indian goods and services.
The agreement provides India with access to 92.2% of EFTA’s tariff lines, covering nearly all of its exports.
The trade deal also includes tariff concessions on processed agricultural products, opening further avenues for Indian exports.
From India’s side, the government has agreed to offer 82.7% of its tariff lines, encompassing 95.3% of EFTA’s exports.
India has also secured commitments from Norway in 114 sectors, including 105 sub-sectors within the deal.
These provisions will likely generate direct jobs, particularly for India’s young, aspirational workforce, while also enhancing vocational and technical training facilities.
Also Read: AMD Sees India As a Key Development Hub; Doubles Investment & Workforce
To read more such news, download Bharat Express news apps
