New Delhi: Hailing the trade and economic partnership agreement (TEPA) signed between India and European Free Trade Association (EFTA), Norwegian Ambassador to India, May-Elin Stener on Monday told ETV Bharat that Noway has cut down on tolls and tariffs on the course of five years for almost 90 per cent of the goods imported to India.
In a historic milestone, after 21 rounds of talks in 16 years, India signed a free trade agreement with a group of European nations — Switzerland, Norway, Iceland, and Liechtenstein — committing to reduce tariffs, while New Delhi will receive $100 billion in investments over the next 15 years.
India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to reach a trade and investment agreement. The crucial trade deal also comes at a time when India is prepping for the much-awaited general elections, the date of which is yet to be declared.
In an exclusive interview with ETV Bharat, the Norwegian ambassador to India said, "The India-EFTA trade deal is historic for Norway and it will impact the trade and investment between India and Norway as well as the bilateral relations will be closer."
"For Norway, all sectors that we are trading with India on will be benefited by the trade deal. Tolls and tariffs are being cut down on the course of five years for almost 90 per cent of the products that we are importing to India. In particular, Norway has been an energy superpower and we have a lot of technology for the development of renewable energies and it is a sector that is incredibly important. Some of the sectors that India will benefit from are renewable energy, development of green energy, and also the maritime sector," she said
She noted that Norway is planning to import much more Norwegian Salmon to India, which will benefit the Indians.
"In coming years, more Norwegian businesses will flow into India because now we feel that there is a framework to work within, which will further boost the ties. Norway has already put down most of the customs duties from India to Norway but still, we think that the textile industry in India will have greater benefits from the trade agreement.
"The most important sector where we are looking at Indians getting benefits from India is the digital sector and Norway is benefiting already from a lot of young competent Indian textile engineers in Norway that is contributing to our sector. Currently, we have 25,000 Indians in Norway and we expect it to be more as the general trade between India-Norway is likely to increase," she added.
Stener further added that the India-EFTA trade treaty also has an investment chapter which is a great achievement.
"It will enable the regional businesses and regional private sectors to look to India for investments which will generate job opportunities in return," said the Norwegian ambassador.
On the Russia-Ukraine conflict, the Norwegian envoy said that the Russia-Ukraine conflict is a crucial question for Norwegian while adding, "it is important to condemn Russia and its actions and as we see most of the countries in the world have condemned it".
