ENA Global 2024-12-09 16:42:10 <p><span style="font-size:14px"><strong>New Delhi, Dec 9 (KNN)</strong> In a significant development for bilateral relations, Norway has announced plans to ratify the Trade and Economic Partnership Agreement (TEPA) with India by 2025, marking a pivotal moment in economic engagement between the two nations.</span></p> <p><span style="font-size:14px">The announcement came during the India-Norway Business Forum held in Mumbai, where diplomatic and business leaders discussed potential collaborative opportunities.</span></p> <p><span style="font-size:14px">The free trade agreement, signed on March 10 this year between India and the four-nation European Free Trade Association (EFTA) bloc, currently awaits ratification from member countries to become fully operational.</span></p> <p><span style="font-size:14px">May-Elin Stener, Norway's Ambassador to India, characterised the agreement as a landmark achievement, emphasising its potential to substantially enhance bilateral trade and investment.</span></p> <p><span style="font-size:14px">During the forum, Ambassador Stener highlighted key focus areas for collaboration, including renewable energy, maritime industries, climate initiatives, and sustainability.</span></p> <p><span style="font-size:14px">She also announced plans for the Indo-Nordic Summit in 2025, signalling a commitment to strengthening diplomatic and economic ties.</span></p> <p><span style="font-size:14px">Commerce and Industry Minister Piyush Goyal played a central role in the discussions, addressing various sectoral challenges and proposing innovative cooperation mechanisms.</span></p> <p><span style="font-size:14px">Of particular note was Goyal's suggestion to establish a start-up bridge between Norway and India, which the ambassador proposed could be launched during the upcoming Indo-Nordic Summit.</span></p> <p><span style="font-size:14px">The minister encouraged Norwegian companies to leverage India's robust local talent pool, not just for domestic opportunities but as a strategic platform for international market expansion.</span></p> <p><span style="font-size:14px">During an open interaction, participants discussed critical issues spanning maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy, and circular economy sectors.</span></p> <p><span style="font-size:14px">Currently, bilateral trade between Norway and India has reached USD 1.1 billion, with Norway emerging as India's 33rd largest investor.</span></p> <p><span style="font-size:14px">The TEPA is expected to further catalyse economic engagement and create new opportunities for businesses in both countries.</span></p> <p><span style="font-size:14px">Norwegian companies present at the forum reaffirmed their commitment to expanding operations in India, reflecting growing confidence in the country's economic potential.</span></p> <p><span style="font-size:14px">The diplomatic and business leaders emphasised the importance of addressing regulatory challenges, public procurement concerns, and maintaining rigorous quality standards across various sectors.</span></p> <p><span style="font-size:14px">As the agreement moves towards ratification, both nations appear poised to unlock new avenues of economic cooperation and mutual growth.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40191 https://knnindia.co.in/news/newsdetails/global/norway-announces-ratification-of-trade-and-economic-partnership-agreement-with-india-by-2025 2024-12-09 16:42:10 knnindia.co.in