Oslo, Norway: Sunil Barthwal, Secretary of the Department of Commerce, Ministry of Commerce & Industry, embarked on a key visit to Norway on November 22, 2024, aiming to strengthen trade and investment ties and advance the implementation of the Trade and Economic Partnership Agreement (TEPA) signed earlier this year in March.
This landmark agreement, involving India and the European Free Trade Association (EFTA) — comprising Norway, Iceland, Liechtenstein, and Switzerland — is designed to unlock substantial market access for Indian exports and drive economic cooperation.
TEPA is poised to transform trade relations by providing significant tariff concessions. EFTA is offering 92.2% of its tariff lines, covering 99.6% of Indian exports, including full access to non-agricultural products and favorable terms for processed agricultural products. In return, India has extended 82.7% tariff line concessions, covering 95.3% of EFTA exports.
The agreement encompasses a broad range of services, including IT, business, cultural, educational, and audio-visual services. It ensures improved access through digital delivery, commercial presence, and streamlined mobility for professionals. TEPA’s focus on collaboration in precision engineering, health sciences, renewable energy, and R&D aligns with India’s Make in India and Atmanirbhar Bharat initiatives.
The agreement is projected to create numerous direct jobs for India’s young workforce over the next 15 years, supported by enhanced vocational and technical training. TEPA is also expected to spur domestic manufacturing in pharmaceuticals, machinery, infrastructure, chemicals, transport, and financial services, positioning India as a global economic leader.
During his visit, Barthwal met key Norwegian leaders, including Tomas Norvoll, State Secretary of the Ministry of Trade, Industry, and Fisheries, to discuss trade and investment promotion, professional mobility, and institutional mechanisms. He also held talks with H.E. Cecilie Myrseth, Minister of Trade and Industry, and H.E. Jan Christian Vestre, Minister of Health and Care Services.
The Commerce Secretary engaged with members of the Norwegian Parliament, including Trine Lise Sundnes, Chair of the delegation to EFTA and EEA Parliamentary Committees, and Nicolai Astrup, highlighting the urgency of TEPA ratification.
Barthwal held discussions with business stakeholders, including the Norwegian Chamber of Commerce (NHO), Innovation Norway, and the Shipbuilders Association. Meetings with leaders from key sectors like renewable energy, shipping, green hydrogen, consumer goods, and information technology underscored India’s growth trajectory and investment potential.
He emphasized India’s rise from the fifth to the third-largest economy within the next few years, offering unprecedented opportunities for Norwegian industries to collaborate in areas such as green technologies, seafood, mining, and textiles.
The visit underscored India’s commitment to fostering trade relations with EFTA countries and leveraging TEPA to promote economic growth. Barthwal’s discussions have paved the way for deeper cooperation, enhanced market access, and investments aimed at driving mutual prosperity.
The partnership promises to not only strengthen India-Norway ties but also serve as a model for India’s engagement with developed nations in promoting trade, technology, and sustainable growth.
