New Delhi, April 17 (IANS) India and Norway on Friday reviewed the global and domestic economic outlook, noting the need for resilient supply chains, energy security, climate transition, and stronger trade and investment linkages in a period of geopolitical uncertainty.
Both sides agreed to intensify efforts to diversify trade and promote mutually beneficial business initiatives.
At the third session of the India–Norway Dialogue on Trade and Investment (DTI) here, both sides took stock of specific issues relevant to the India–EFTA Trade and Economic Partnership Agreement (TEPA) implementation, including tariff reduction benefits and the need to address trade and investment barriers such as sanitary and phytosanitary measures, product registration and certification requirements, regulatory frameworks, compliance costs, and origin certification through mutually agreed mechanisms.
Union Commerce and Industry Minister Piyush Goyal, referring to Prime Minister Narendra Modi’s remarks on the India–EFTA TEPA, said that the agreement reflects a steadfast commitment to shared prosperity and to building a stronger and more inclusive partnership among the participating countries.
Both sides reaffirmed their commitments under the India–EFTA TEPA and discussed early opportunities emerging from its implementation, noting that the Agreement offers a framework for stronger trade, investment, technology collaboration, capacity building, and deeper business partnerships, along with the shared objective for EFTA States to promote $100 billion in investment into India over 15 years and facilitate the creation of 1 million direct jobs.
India highlighted the establishment of an EFTA Desk under Invest India to support EFTA businesses.
Bilateral trade between India and Norway has continued to grow in recent years.
India’s exports to Norway rose from $270 million in 2014 to $439 million in 2025, reflecting an average annual growth rate of about 5 per cent.
India’s services exports to Norway stood at $876 million in 2024, highlighting the growing role of services in the bilateral economic partnership.
The duty-free access secured under TEPA for a range of agricultural and allied products in Norway has significance beyond trade expansion and opens space for women entrepreneurs, MSMEs, farmers, fishermen, and innovation-driven businesses to participate more deeply in export value chains, including products such as rice, vegetables, nuts, fruit preparations, honey, marine products, and floriculture.
The Norwegian side informed that it is actively promoting TEPA and investment opportunities in India to its business community and highlighted growing investment interest, including through the Government Pension Fund Global and Norfund’s investments in renewable energy projects, with both sides agreeing to intensify high-level visits, industry exchanges, and business missions.
Both sides welcomed the forthcoming commemoration of the first anniversary of TEPA during Prosperity Summit 2026 on October 1, 2026 and agreed to ensure high-level participation.
—IANS
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