India-EFTA trade pact to drive $100 bn investment, boost 99.6 pc of exports

Highlights

The Trade and Economic Partnership Agreement (TEPA) has the potential to boost 99.6 per cent of Indian exports with market access to European Free Trade Association (EFTA) countries and drive $100 billion investment, the government said on Saturday.

New Delhi: The Trade and Economic Partnership Agreement (TEPA) has the potential to boost 99.6 per cent of Indian exports with market access to European Free Trade Association (EFTA) countries and drive $100 billion investment, the government said on Saturday.

This was conveyed during the visit of a delegation led by Sunil Barthwal, Secretary, Department of Commerce to Norway on Friday, aimed at furthering the objectives of TEPA which was signed in March this year.

The Commerce Secretary highlighted unprecedented opportunities for Norwegian industry as the Indian economy rises from being the fifth largest economy to becoming the third largest economy in the world over the next three-four years, according to the Ministry of Commerce and Industry.

Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway to discuss promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and next steps for the TEPA ratification.

The Commerce Secretary also called on HE Cecilie Myrseth, Minister of Trade and Industry and HE Jan Christian Vestre, Minister of Health and Care Services.

The visit also included discussions with business stakeholders including Norwegian Chamber of Commerce (NHO), Innovation Norway, Shipbuilders Association, Raeder Bing Law Firm and leaders and CEOs of several large Norwegian companies.

These firms represented diverse sectors, in particular, renewable energy, shipping industry, consumer goods, green hydrogen, textiles, seafood, mining, Information technology and other sectors of mutual interest.

India signed TEPA with four developed nations - Switzerland, Iceland, Norway and Liechtenstein — which is an important economic bloc in Europe. The agreement will give a boost to ‘Make in India’ and provide opportunities to the young and talented workforce, according to the government.

EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India’s exports.

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

India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of EFTA exports. India has offered 105 sub-sectors to the EFTA and secured commitments in 114 from Norway.

TEPA is expected to accelerate the creation of a large number of direct jobs for India’s young aspirational workforce in the next 15 years in India, including better facilities for vocational and technical training.