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Key Points

Piyush Goyal met Norway's Foreign Minister Espen Barth Eide to discuss the India-EFTA trade pact's rollout. The deal, signed in March, aims to boost investments and create jobs in India. EFTA nations, including Switzerland and Norway, are key trade partners for India. Meanwhile, India is also progressing in trade talks with the UK.

Key Points: Piyush Goyal Meets Norway's Eide on India-EFTA Trade Pact

  • Goyal reviews India-EFTA TEPA implementation with Norway's Eide
  • EFTA pledges $100B FDI and 1M jobs in India
  • Switzerland leads India trade among EFTA nations
  • India-UK trade talks also advance
2 min read

Piyush Goyal meets Norway's foreign minister Eide, discusses India-EFTA trade pact implementation

Commerce Minister Piyush Goyal discusses India-EFTA trade deal implementation with Norway's FM Espen Barth Eide, boosting bilateral ties and investments.

"We discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement, strengthening bilateral ties, and boosting trade and investment between our nations. – Piyush Goyal"

New Delhi, April 30

Commerce Minister Piyush Goyal held a bilateral meeting with the Norwegian Minister of Foreign Affairs Espen Barth Eide, where they discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement.

"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," Piyush Goyal wrote on X after the meeting.

India-EFTA Trade and Economic Partnership Agreement (TEPA) was signed on March 10, 2024.

EFTA comprises of Switzerland, Iceland, Norway and Liechtenstein. EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States.

EFTA has committed to promoting investments to increase the stock of foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. The investments do not cover foreign portfolio investment.

Among EFTA countries, Switzerland is the largest trading partner of India, followed by Norway.

Earlier, Commerce and Industry Minister Piyush Goyal met with UK Chancellor of the Exchequer Rachel Reeves and Secretary of State for Business and Trade Jonathan Reynolds. They engaged in productive discussions focused on deepening India-UK economic cooperation and strengthening the longstanding partnership between the two nations.

India and the United Kingdom have resumed negotiations towards a trade deal between the two countries.

Union Minister of Commerce and Industry Piyush Goyal also met with David Lammy, Secretary of State for Foreign, Commonwealth and Development Office of the United Kingdom, at the joint India-UK business reception held at Lancaster House.

He also addressed a gathering, alongside UK Secretary of State for Business and Trade Jonathan Reynolds, and spoke about the bright future ahead for the India-UK partnership.

- ANI

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Reader Comments

R
Rajesh K.
This is a positive step for our economy! The $100 billion FDI commitment from EFTA countries could be a game-changer for manufacturing and job creation. Hope our government ensures these investments benefit MSMEs too. 🇮🇳
P
Priya M.
Norway has excellent renewable energy technology. Would be great if this partnership helps India in green energy transition. Our Himalayan states could benefit from their expertise in hydropower and sustainable development.
A
Amit S.
While the employment generation promise sounds good, we need transparency in how these jobs will be created. Past FTAs haven't always delivered as promised. Hope this time there's proper monitoring mechanism.
S
Sunita R.
Good to see India expanding trade beyond traditional partners. EFTA nations may be small but they're tech powerhouses. This could help our startups and IT sector grow. 👍
V
Vikram J.
Switzerland is already our biggest EFTA partner - hope this agreement helps reduce prices of Swiss watches and chocolates! On serious note, pharma sector should benefit from easier access to their markets.
N
Neha P.
Hope our negotiators ensured fair terms. Sometimes we give too much market access without getting equivalent benefits. Need to protect our farmers and small industries while pursuing these deals.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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