What happened?
India’s Minister of Commerce and Industry, Piyush Goyal, held bilateral meetings in Oslo with Norway’s Minister of Foreign Affairs, Espen Barth Eide, and Minister of Trade and Industry, Cecilie Myrseth. The discussions on Wednesday focused on implementing the India-EFTA Trade and Economic Partnership Agreement (TEPA), signed in March 2024, and strengthening overall bilateral trade and investment ties. Goyal also co-chaired the Norway India Business Executive Roundtable with Myrseth.
Why it matters to India
These discussions are crucial for operationalizing the TEPA between India and the EFTA bloc (Iceland, Liechtenstein, Norway, Switzerland). The agreement includes a significant commitment of $100 billion in investment into India from the EFTA nations over 15 years. Implementing the TEPA is expected to boost bilateral trade by lowering tariffs on various goods, potentially benefiting Indian consumers and industries. Strengthening economic ties with Norway and EFTA aligns with India’s broader strategy to attract foreign investment, enhance economic cooperation, and integrate further with global markets, complementing ongoing trade negotiations with the European Union.
