New Delhi [India], November 23 : The Trade and Economic Partnership Agreement (TEPA), signed in March 2024 between India and the European Free Trade Association (EFTA) countries, is poised to unlock new opportunities for Indian exports and drive investments worth USD 100 billion.
According to the Ministry of Commerce and Industry, the agreement, designed to enhance bilateral trade and investment, covers a wide spectrum of goods, services, and sectors, ensuring a mutually beneficial partnership.
Sunil Barthwal, Secretary, Department of Commerce, Ministry of Commerce and Industry, led a high-level delegation to Norway on November 22, to further advance the objectives of TEPA.
His visit aimed to secure early implementation of the USD 100 billion investment commitment and boost market access for Indian goods and services across EFTA member countriesNorway, Switzerland, Iceland, and Liechtenstein.
TEPA is a modern, ambitious trade agreement providing market access to 99.6 per cent of Indian exports, with EFTA countries offering concessions on 92.2 per cent of their tariff lines.
This includes complete tariff elimination on non-agricultural products and substantial concessions on processed agricultural products. In return, India has committed to 82.7 per cent of its tariff lines, covering 95.3 per cent of EFTA exports.
The agreement is also set to stimulate India's service exports in sectors such as IT, business, education, audio-visual, and cultural services. Enhanced access is provided through digital delivery (Mode 1), commercial presence (Mode 3), and temporary mobility of key personnel (Mode 4).
TEPA is expected to bolster domestic manufacturing and support key initiatives like Make in India and Atmanirbhar Bharat. The agreement encourages investments in infrastructure, manufacturing, pharmaceuticals, chemicals, food processing, banking, and financial services.
It also fosters job creation for India's youth, along with enhanced vocational and technical training opportunities over the next 15 years.
Additionally, TEPA facilitates technological collaboration, granting access to advanced technologies in precision engineering, health sciences, renewable energy, and research and development.
During his visit, Barthwal met with Tomas Norvoll, State Secretary of Norway's Ministry of Trade, Industry, and Fisheries, to discuss trade, investment, and mobility for Indian professionals.
He also held discussions with HE Cecilie Myrseth, Minister of Trade and Industry, and HE Jan Christian Vestre, Minister of Health and Care Services, emphasising the need for swift TEPA ratification.
In engagements at the Norwegian Parliament, Barthwal highlighted the transformative potential of TEPA and its benefits for both nations. He called for reenergising institutional mechanisms and fostering collaboration across industries.
The delegation also engaged with business stakeholders, including the Norwegian Chamber of Commerce (NHO), Innovation Norway, and leaders from sectors like renewable energy, shipping, green hydrogen, textiles, and information technology.
Barthwal underscored India's rapid economic ascent from the world's fifth-largest to the third-largest economy within the next 3-4 years, presenting unprecedented opportunities for Norwegian businesses.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor