Goyal holds talks in Oslo to strengthen India-Norway trade & investment ties

Oslo, April 30 (IANS) Commerce and Industry Minister Piyush Goyal held separate meetings here, on Wednesday, with Norway’s Minister of Foreign Affairs Espen Barth Eide and the Scandinavian country’s Minister of Trade and Industry Cecilie Myrseth to discuss the implementation of the India-EFTA Trade and Economic Partnership Agreement and strengthen bilateral ties between the two countries.

"In my first engagement after arriving in Oslo, held a bilateral meeting with Espen Barth Eide, the Norwegian Minister of Foreign Affairs. 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," Minister Goyal posted on X.

This was followed up with another bilateral meeting with his Norwegian counterpart, Cecilie Myrseth.

"Delighted to meet Cecilie Myrseth, Minister of Trade and Industry, Norway. Our talks focused on deepening trade engagement in alignment with the India-EFTA Trade and Economic Partnership Agreement and on exploring new opportunities to further elevate India-Norway bilateral ties," Goyal wrote on X.

The Indian minister also co-chaired the Norway India Business Executive Roundtable alongside Myrseth. "Discussions centred on expanding economic cooperation, fostering innovation-led growth, and exploring potential collaborations to further strengthen business ties between the two nations," Goyal said.

He also visited the Norwegian Parliament - Stortinget and interacted with "some of the distinguished members".

"Had an extensive discussion on enhancing India-Norway trade and economic ties. We also exchanged views on our strong democratic traditions and commitment to development, rooted in people-centric governance", Goyal said.

Goyal is on a five-day visit to London, Oslo, and Brussels for strengthening India’s trade and investment relations with the UK, Norway and the European Union.

The visit to Oslo comes against the backdrop of India having signed a comprehensive free trade agreement with the four-nation European bloc EFTA in March last year. It is expected to be implemented this year. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland.

The two sides signed the Trade and Economic Partnership Agreement (TEPA) in March, last year. India has received a commitment of a $100 billion investment over 15 years from the grouping, while allowing products such as Swiss watches, chocolates, and cut and polished diamonds from the region to come into the country at lower or zero duties as part of the agreement.

Negotiations have also picked up momentum for a trade agreement with the 27-nation European Union (EU). India and the EU are exploring the possibility of an early harvest agreement before finalising a comprehensive pact. The 11th round of negotiations between the two sides is scheduled from May 12–16 in New Delhi.

--IANS

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