Union Minister of Commerce and Industry, Piyush Goyal, recently met Norway’s Minister of Foreign Affairs, Espen Barth Eide, to deliberate on the implementation of the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA).
The meeting focused on strengthening bilateral relations, enhancing trade collaboration and boosting long-term investment opportunities between India and the EFTA nations.
The TEPA, signed on 10 March 2024, marks a significant development in India’s international trade partnerships. EFTA, comprising Switzerland, Norway, Iceland, and Liechtenstein, is a regional inter-governmental organisation formed in 1960 to promote free trade and economic integration.
Under this landmark agreement, EFTA has committed to promoting foreign direct investment worth USD 100 billion into India over the next 15 years.
This investment is expected to generate one million direct jobs, highlighting the scale and impact of the pact. It is important to note that this figure excludes foreign portfolio investments.
During their conversation, Goyal and Eide explored concrete steps to operationalise the deal, ensuring a timely and effective rollout of the outlined provisions. Goyal described the interaction as productive and promising for both nations.
On social media platform X, formerly known as Twitter, he wrote, “We discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), strengthening bilateral ties, and boosting trade and investment between our nations.”
Norway is one of India’s key partners within the EFTA bloc, second only to Switzerland in terms of trade volume. The agreement not only seeks to deepen trade relations but also aims to foster knowledge exchange and enhance technological collaboration across various sectors.
In addition to his meeting with Eide, Goyal also engaged with senior UK officials including Chancellor of the Exchequer Rachel Reeves, Secretary of State for Business and Trade Jonathan Reynolds, and Foreign Secretary David Lammy.
These discussions took place during his visit to London, where he participated in a joint India-UK business reception at Lancaster House.
At the gathering, Goyal addressed business leaders and policymakers, underlining the mutual benefits of a deeper economic partnership between India and the United Kingdom.
He reaffirmed India's commitment to finalising a comprehensive trade agreement with the UK, a process which has resumed with renewed momentum in recent months.
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