Norway planning to ratify India-EFTA free trade agreement next year

The agreement came up for discussions during India-Norway Business Forum which was held in Mumbai

Norway on Sunday said that it plans to ratify the India-EFTA free trade agreement next year, the commerce and industry ministry said.

India and the four-nation EFTA (European Free Trade Association) bloc inked the agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), on March 10 this year. However, it needs ratification from the four countries for its implementation.

The agreement came up for discussions during the India-Norway Business Forum which was held in Mumbai.

May-Elin Stener, Ambassador of Norway to India, termed TEPA a landmark in bilateral relations and highlighted its potential to further enhance trade and investment between the two nations.

"She noted Norway's plans to ratify TEPA by 2025 and emphasized areas of focus, such as renewable energy, maritime industries, climate, and sustainability," the ministry said.

The ambassador also announced that Norway will host the Indo-Nordic Summit in 2025.

In the deliberations, many Norwegian companies reaffirmed their commitment to expanding operations in the country.

An open interaction was chaired by commerce and industry minister Piyush Goyal.

During this session, various key issues were raised including regulatory challenges, public procurement concerns and quality standards compliance across sectors.

Issues across key sectors such as maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy and circular economy were presented to the minister.

"Goyal committed to addressing these concerns collectively with relevant ministries to enhance bilateral trade," it added.

He also proposed launching a startup bridge between Norway and India during the next ministerial meeting.

The ambassador suggested that this initiative could be launched during the Indo-Nordic Summit next year.

Goyal also invited Norwegian companies to leverage local talent not just for domestic opportunities, but as a launch pad for international market expansion.

The bilateral trade between the two countries has reached USD 1.1 billion and Norway has emerged as India's 33rd largest investor.