Strengthening Ties: India and Norway Discuss EFTA Deal

India and Norway recently discussed the implementation of the India-EFTA free trade agreement, signed in March last year, to enhance economic partnerships. The meeting between India's Commerce Minister Piyush Goyal and Norway's Foreign Affairs Minister Espen Barth Eide focused on boosting trade and investment between India and EFTA member countries.

India and Norway have taken significant steps towards enhancing their economic relationship by discussing the implementation of the India-EFTA free trade agreement. Signed in March the previous year, the agreement aims to bolster trade and investment ties between India and EFTA members, including Iceland, Liechtenstein, Norway, and Switzerland.

The discussion took place during an official visit by India’s Commerce and Industry Minister, Piyush Goyal, to Oslo. Goyal met with Norway's Minister of Foreign Affairs, Espen Barth Eide, to deliberate on the Trade and Economic Partnership Agreement (TEPA), focusing on strengthening bilateral ties and enhancing economic collaboration.

Under the agreement, India is set to receive a substantial investment commitment of USD 100 billion over 15 years. The pact also facilitates the entry of products like Swiss watches and chocolates into India at reduced or zero duties, promising a new era of economic cooperation between India and the EFTA members.

(With inputs from agencies.)