Commerce secy visits Norway to discuss trade pact implementation with EFTA

Commerce Secretary Sunil Barthwal has visited Norway to discuss the possibility of an early implementation of a free trade agreement between India and the four-nation European bloc EFTA, an official statement said on Saturday.

The agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), was inked in March. The implementation date has not yet been finalised.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

"The visit was aimed at furthering the objectives of and unlocking the large market in EFTA countries for Indian exports of goods and services and push for early implementation of $ 100 billion investment," the commerce ministry said  Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway for discussions on promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and the next steps for the TEPA ratification.

In a separate statement, the ministry said over the past decade, India's seafood exports have doubled to $ 7.3 billion in value and 17.81 lakh metric tonnes in volume terms.

With 500 EU-approved firms, India's seafood processing capacity continues to expand, making the EU India's second-largest seafood market, with annual purchases of $ 0.95 billion.

Additionally, India is the EU's second-largest shrimp supplier, holding an 8 per cent market share and contributing 12 per cent of the EU's squid imports.