India and Norway to Enhance Trade and Investment Relations
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Synopsis
India and Norway aim to enhance their trade and investment partnership significantly. Union Commerce Minister Piyush Goyal discussed strategies with Norway's Foreign Affairs Minister to boost economic collaboration, focusing on workforce mobility and skill development, and highlighted the potential of the EFTA-TEPA agreement.
Key Takeaways
- Strengthening trade and investment ties
- Workforce mobility and skill development
- EFTA-TEPA significance
- Targeting tenfold trade increase
- Boosting foreign direct investments
New Delhi, March 18 (NationPress) India and Norway are set to strengthen their trade and investment collaboration, announced Union Commerce Minister Piyush Goyal on Tuesday following discussions with Norway's Minister of Foreign Affairs, Espen Barth Eide.
The two leaders engaged in discussions aimed at boosting economic cooperation and deepening collaboration in critical sectors.
During their conversation, they emphasized the importance of workforce mobility and skill development, which could open up new avenues for both nations.
Goyal mentioned, "India and Norway have the potential to greatly enhance trade relations, setting an ambitious target of increasing bilateral trade tenfold over the next decade."
He also highlighted the significance of the EFTA-TEPA (European Free Trade Association - Trade and Economic Partnership Agreement) and its investment commitments, showcasing its potential advantages for India-Norway trade relations.
In a post on X, Goyal remarked, "Discussed deepening our bilateral trade and investment ties, enhancing collaboration in skill development & workforce mobility, and the importance of EFTA-TEPA and its investment commitments."
The ministers also exchanged insights on pressing global trade challenges, WTO reforms, and the changing geopolitical and economic landscape.
They reaffirmed their dedication to promoting high-level business engagements that could foster mutual growth and economic prosperity.
The Union Minister called on businesses from both countries to actively participate in achieving this objective.
Meanwhile, the EFTA has pledged to boost investments with a goal of raising the stock of foreign direct investments by $100 billion in India over the next 15 years, facilitating the creation of 1 million direct jobs in India through such investments.
These investments do not include foreign portfolio investments. The EFTA is offering 92.2 percent of its tariff lines, covering 99.6 percent of India’s exports to the region.
The EFTA’s market access proposal encompasses 100 percent of non-agricultural products and tariff concessions on Processed Agricultural Products (PAP).
Under the agreement, India is providing 82.7 percent of its tariff lines, covering 95.3 percent of EFTA exports, with more than 80 percent of imports being gold.
