New Delhi, April 17 (NationPress) On Friday, India and Norway assessed the current global and local economic landscape, emphasizing the importance of resilient supply chains, energy security, climate adaptation, and enhanced trade and investment relations during these times of geopolitical uncertainty.

The two nations agreed to enhance their efforts to diversify trade and foster mutually advantageous business initiatives.

During the third session of the India–Norway Dialogue on Trade and Investment (DTI), both parties reviewed specific matters pertaining to the implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA). Key topics included tariff reduction advantages and addressing trade and investment challenges such as sanitary and phytosanitary measures, product registration, certification criteria, regulatory frameworks, compliance expenses, and origin certification through mutually accepted mechanisms.

Union Commerce and Industry Minister Piyush Goyal highlighted Prime Minister Narendra Modi’s comments on the India–EFTA TEPA, stating that the agreement represents a strong commitment to collective prosperity and aims at forging a more robust and inclusive partnership among the involved nations.

Both nations reiterated their commitments under the India–EFTA TEPA and explored immediate opportunities arising from its execution. They acknowledged that the agreement lays the groundwork for enhanced trade, investment, technological collaboration, capacity building, and deeper business partnerships. Additionally, they share the goal of attracting $100 billion in investment into India over the next 15 years, which would facilitate the creation of one million direct jobs.

India also underscored the establishment of an EFTA Desk under Invest India to assist EFTA businesses.

Recently, bilateral trade between India and Norway has shown a steady increase.

India’s exports to Norway climbed from $270 million in 2014 to $439 million in 2025, showcasing an average annual growth rate of approximately 5 percent.

Moreover, India’s service exports to Norway reached $876 million in 2024, underlining the growing significance of services in the bilateral economic relationship.

The duty-free access granted under TEPA for various agricultural and allied products in Norway is significant not only for expanding trade but also for enabling women entrepreneurs, MSMEs, farmers, fishermen, and innovation-oriented businesses to engage more deeply in export value chains. This includes products like rice, vegetables, nuts, fruit preparations, honey, marine products, and floriculture.

The Norwegian representatives indicated that they are actively advocating for TEPA and investment prospects in India to their business community and pointed out the increasing investment interest, which includes contributions from the Government Pension Fund Global and Norfund in renewable energy projects. Both sides agreed to elevate high-level visits, industry exchanges, and business missions.

Both parties expressed enthusiasm for the upcoming celebration of the first anniversary of TEPA during the Prosperity Summit 2026 scheduled for October 1, 2026, and agreed to ensure high-level participation.