Norway Announces Ratification of Trade and Economic Partnership Agreement With India by 2025

New Delhi, Dec 9 (KNN) In a significant development for bilateral relations, Norway has announced plans to ratify the Trade and Economic Partnership Agreement (TEPA) with India by 2025, marking a pivotal moment in economic engagement between the two nations.

The announcement came during the India-Norway Business Forum held in Mumbai, where diplomatic and business leaders discussed potential collaborative opportunities.

The free trade agreement, signed on March 10 this year between India and the four-nation European Free Trade Association (EFTA) bloc, currently awaits ratification from member countries to become fully operational.

May-Elin Stener, Norway's Ambassador to India, characterised the agreement as a landmark achievement, emphasising its potential to substantially enhance bilateral trade and investment.

During the forum, Ambassador Stener highlighted key focus areas for collaboration, including renewable energy, maritime industries, climate initiatives, and sustainability.

She also announced plans for the Indo-Nordic Summit in 2025, signalling a commitment to strengthening diplomatic and economic ties.

Commerce and Industry Minister Piyush Goyal played a central role in the discussions, addressing various sectoral challenges and proposing innovative cooperation mechanisms.

Of particular note was Goyal's suggestion to establish a start-up bridge between Norway and India, which the ambassador proposed could be launched during the upcoming Indo-Nordic Summit.

The minister encouraged Norwegian companies to leverage India's robust local talent pool, not just for domestic opportunities but as a strategic platform for international market expansion.

During an open interaction, participants discussed critical issues spanning maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy, and circular economy sectors.

Currently, bilateral trade between Norway and India has reached USD 1.1 billion, with Norway emerging as India's 33rd largest investor.

The TEPA is expected to further catalyse economic engagement and create new opportunities for businesses in both countries.

Norwegian companies present at the forum reaffirmed their commitment to expanding operations in India, reflecting growing confidence in the country's economic potential.

The diplomatic and business leaders emphasised the importance of addressing regulatory challenges, public procurement concerns, and maintaining rigorous quality standards across various sectors.

As the agreement moves towards ratification, both nations appear poised to unlock new avenues of economic cooperation and mutual growth.

(KNN Bureau)