Piyush Goyal's Diplomatic Mission: Strengthening India-Norway Trade Relations
Strengthening Bilateral Ties in Oslo
Oslo: On Wednesday, Piyush Goyal, India's Minister of Commerce and Industry, engaged in discussions with Norway's Foreign Affairs Minister, Espen Barth Eide, and Minister of Trade and Industry, Cecilie Myrseth. The focus was on advancing the India-EFTA Trade and Economic Partnership Agreement and enhancing bilateral relations.
Goyal shared on X, "In my initial meeting upon arriving in Oslo, I had a productive discussion with Espen Barth Eide regarding the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), aiming to strengthen our bilateral relations and boost trade and investment between our countries."
Following this, he met with Cecilie Myrseth, stating, "It was a pleasure to meet with Minister Myrseth. Our discussions were centered on deepening trade relations in line with the India-EFTA TEPA and identifying new avenues to elevate India-Norway ties further."
Additionally, Goyal co-chaired the Norway India Business Executive Roundtable with Myrseth, where they discussed expanding economic cooperation, fostering innovation-driven growth, and exploring potential collaborations to enhance business relations.
During his visit, Goyal also toured the Norwegian Parliament, Stortinget, where he engaged with several prominent members. He remarked on the extensive discussions about enhancing trade and economic relations between India and Norway, emphasizing their shared democratic values and commitment to development through people-centric governance.
Goyal's five-day trip includes stops in London, Oslo, and Brussels, aimed at bolstering India's trade and investment partnerships with the UK, Norway, and the European Union.
This visit to Oslo is significant as it follows India's signing of a comprehensive free trade agreement with the EFTA, which includes Iceland, Liechtenstein, Norway, and Switzerland, in March of the previous year, with implementation expected this year.
The TEPA, signed in March, promises India a $100 billion investment over 15 years from the EFTA, while allowing lower or zero duties on products like Swiss watches, chocolates, and polished diamonds from the region.
Moreover, negotiations for a trade agreement with the 27-nation European Union are gaining traction, with both sides considering an early harvest agreement before finalizing a comprehensive deal. The 11th round of negotiations is set to take place from May 12–16 in New Delhi.