March 19, 2025
1 min read

India, Norway Forge Bold Trade Pact

The ministers exchanged views on pressing global trade issues, WTO reforms, and evolving geopolitical and economic trends…reports Asian Lite News

India and Norway are looking to strengthen their trade and investment partnership, Union Commerce Minister Piyush Goyal said on Tuesday after a discussion with Norway’s Minister of Foreign Affairs, Espen Barth Eide.

The leaders deliberated on ways to enhance economic collaboration and deepen cooperation in key sectors.

During their talks, they focused on improving workforce mobility and skill development, which could create new opportunities for both countries.

“India and Norway can significantly enhance trade relations and set an ambitious target of increasing bilateral trade tenfold over the next decade,” Goyal stated.

The Indian Minister also emphasised the significance of the EFTA-TEPA (European Free Trade Association – Trade and Economic Partnership Agreement) and its investment commitments, highlighting its potential benefits for India-Norway trade relations.

“Discussed deepening our bilateral trade and investment ties, enhancing collaboration in skill development & workforce mobility, the significance of EFTA-TEPA and its investment commitments,” Goyal said in a post on X.

The ministers exchanged views on pressing global trade issues, WTO reforms, and evolving geopolitical and economic trends.

They reaffirmed their commitment to fostering high-level business engagements that could drive mutual growth and economic prosperity.

The Union Minister also urged businesses from both nations to actively contribute to achieving this goal.

Meanwhile, the EFTA has committed to promote investments with the aim to increase the stock of foreign direct investments by $100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments.

The investments do not cover foreign portfolio investments. The EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India’s exports to the region.

The EFTA’s market access offer covers 100 per cent of non-agri products and tariff concession on Processed Agricultural Products (PAP).

Under the agreement, India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of the EFTA exports of which more than 80 per cent imports is of gold.

Previous Story

‘Earth Missed You’: Modi Welcomes Sunita Williams and Crew-9

Next Story

Sunita Williams’ Safe Return Sparks Grand Celebrations in Ancestral Village

Latest from -Top News

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

Trinidad Eager to Deepen Ties with India: Envoy

Trinidad and Tobago, home to a large Indian-origin population—many of whom are now in their fifth and sixth generations—offered a unique cultural resonance to the visit….reports Asian Lite News Prime Minister Narendra
Go toTop

Don't Miss

India, Bangladesh Cement Ties With Multiple Pacts

The agreements exchanged included a Shared Vision for India-Bangladesh Digital

Prachanda to meet Nadda on Sunday

In India, Prachanda is expected to meet Nadda, External Affairs