In a historic move aimed at fostering economic ties and boosting trade relations, India and the European Free Trade Association (EFTA) countries, comprising Switzerland, Iceland, Norway, and Liechtenstein, signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. The agreement is set to have a profound impact on Norwegian businesses operating in India.

Norway’s Minister of Trade and Industry, Jan Christian Vestre, expressed his enthusiasm for the groundbreaking accord. “Norwegian businesses that export to India today meet high tariff barriers of up to 40 per cent on certain goods. With this new agreement, we have secured zero tariffs on almost all Norwegian exports to India,” he said. Minister Vestre highlighted the significance of this development by stating, “This is a breakthrough that can mean a lot for workplaces throughout Norway.”

The agreement has received a warm welcome from the Norwegian Business Association India (NBAI), with Chairman Mr. Deepak Kumar Swain acknowledging the unprecedented opportunities it brings. “Norway, being a part of the bloc, will have access to the world’s fifth-largest economy and one of the biggest markets to export Norwegian products,” said Mr. Swain. He emphasized the potential for Norwegian businesses to contribute to India’s green and digital transition, spanning renewable energy, health technology, energy, maritime, green mobility, circular economy, seafood, and more.

“The agreement provides large possibilities for trade and investments in a market that is growing rapidly,” Mr. Swain added, underlining the synergies between Norway’s expertise and India’s dynamic economic landscape.

The TEPA agreement not only signifies a reduction in trade barriers but also paves the way for increased collaboration and investments between the two nations. With Norway gaining access to a burgeoning Indian market, the potential for job creation and economic growth is set to soar.

As the global economic landscape continues to evolve, this landmark agreement serves as a testament to the commitment of nations towards fostering stronger ties and facilitating mutual prosperity. The Norwegian Business Association India looks forward to supporting and facilitating Norwegian businesses in leveraging the opportunities presented by this historic accord.