How is Goyal Strengthening India-Norway Trade & Investment Ties?
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Synopsis
Commerce and Industry Minister Piyush Goyal's recent visit to Oslo marks a significant step in enhancing India-Norway relations. Meetings with key Norwegian officials focused on the India-EFTA Trade Agreement, economic cooperation, and investment opportunities, indicating a robust future for bilateral trade.
Key Takeaways
- Piyush Goyal's meetings in Oslo aim to strengthen India-Norway trade ties.
- Focus on implementing the India-EFTA Trade Agreement.
- $100 billion investment commitment from EFTA over 15 years.
- Discussions on expanding economic collaboration and innovation.
- Strengthening ties with the European Union is also a priority.
Oslo, April 30 (NationPress) Commerce and Industry Minister Piyush Goyal conducted a series of meetings in Oslo on Wednesday with Norway's Minister of Foreign Affairs, Espen Barth Eide, and Minister of Trade and Industry, Cecilie Myrseth. The discussions revolved around the execution of the India-EFTA Trade and Economic Partnership Agreement and the enhancement of bilateral relations.
“In my initial engagement after arriving in Oslo, I met with Espen Barth Eide, the Norwegian Minister of Foreign Affairs. We deliberated on the execution of the India-EFTA Trade and Economic Partnership Agreement (TEPA), fortifying our bilateral relations, and amplifying trade and investment between our nations,” Minister Goyal shared on X.
This was succeeded by a meeting with Cecilie Myrseth, his Norwegian counterpart.
“I was pleased to meet Cecilie Myrseth, Minister of Trade and Industry, Norway. Our discussions emphasized enhancing trade collaboration in line with the India-EFTA Trade and Economic Partnership Agreement and unearthing new avenues to uplift India-Norway bilateral relations,” Goyal remarked on X.
The Indian minister also co-led the Norway India Business Executive Roundtable alongside Myrseth. “We focused on expanding economic collaboration, nurturing innovation-driven growth, and identifying potential partnerships to further solidify business relations between our nations,” Goyal noted.
Additionally, he visited the Norwegian Parliament - Stortinget and engaged with “some of the distinguished members.”
“We had a comprehensive dialogue on enhancing India-Norway trade and economic relations. We also shared perspectives on our robust democratic values and dedication to development grounded in people-centric governance,” Goyal stated.
Goyal's visit spans five days in London, Oslo, and Brussels aimed at bolstering India's trade and investment ties with the UK, Norway, and the European Union.
This trip to Oslo follows India's signing of a comprehensive free trade agreement with the four-nation European bloc EFTA in March last year, which is anticipated to be implemented this year. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland.
The Trade and Economic Partnership Agreement (TEPA) was signed by both sides last March. India has secured a commitment of $100 billion in investment over 15 years from the grouping while permitting products like Swiss watches, chocolates, and cut and polished diamonds from the region to enter India at reduced or zero duties as part of this agreement.
Furthermore, negotiations for a trade agreement with the 27-nation European Union (EU) are gaining traction. India and the EU are considering the potential for an early harvest agreement before finalizing a comprehensive pact. The 11th round of negotiations is set to occur from May 12–16 in New Delhi.
Point of View
The recent meetings held by Minister Piyush Goyal in Oslo highlight India's strategic approach to enhancing its economic ties with Norway. By engaging with key Norwegian officials, Goyal is not only promoting trade but also reinforcing India's commitment to fostering international partnerships that can lead to mutual growth and prosperity.
NationPress
23/09/2025
Frequently Asked Questions
What was the main purpose of Piyush Goyal's visit to Norway?
The primary aim of Piyush Goyal's visit was to discuss the implementation of the India-EFTA Trade and Economic Partnership Agreement and to strengthen bilateral trade and investment relations between India and Norway.
Who did Piyush Goyal meet during his visit?
During his visit, Piyush Goyal met with Norway's Minister of Foreign Affairs, Espen Barth Eide, and Minister of Trade and Industry, Cecilie Myrseth.
What is the significance of the India-EFTA Trade Agreement?
The India-EFTA Trade Agreement is significant as it is expected to facilitate $100 billion in investments over 15 years and reduce tariffs on various products, enhancing trade relations between India and the EFTA countries.
What outcomes were discussed at the Norway India Business Executive Roundtable?
At the Norway India Business Executive Roundtable, discussions focused on expanding economic cooperation, fostering innovation-led growth, and exploring potential collaborations to strengthen business ties.
What are the future plans for trade agreements between India and the EU?
Negotiations are currently ongoing for a comprehensive trade agreement with the European Union, with the potential for an early harvest agreement before finalizing the full pact.
