India seeks to accelerate TEPA implementation during commerce secretary’s visit to Norway
India has intensified efforts to implement the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), with commerce secretary Sunil Barthwal embarking on a four-day trip to Norway on 22 November.
The visit underscores India’s push for broader global trade engagement, as TEPA offers unprecedented opportunities for Indian exports, services, and investments.
The agreement, signed in March 2024 with the EFTA countries—Switzerland, Norway, Iceland, and Liechtenstein—aims to bolster India’s trade relations with the bloc by removing trade barriers and enhancing market access.
Mint was the first to report about the development on 9 March, and the deal was inked a day later.
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TEPA’s potential to grant access for 99.6% of Indian exports to the EFTA markets, along with a $100 billion investment plan, positions it as a pivotal agreement for India’s economic diplomacy.
Barthwal’s engagements included discussions with Norwegian officials, parliamentarians, and business leaders to expedite TEPA ratification and promote trade and investment, said commerce ministry is a statement on Saturday.
Key meetings were held with Tomas Norvoll, Norway’s state secretary of trade, industry and fisheries, and Cecilie Myrseth, minister of trade and industry, focusing on the next steps for TEPA and mobility for Indian professionals, it said.
The progress in TEPA aligns with India’s broader trade strategy, particularly ongoing negotiations with the European Union for a free trade agreement (FTA).
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According to commerce ministry data, India’s trade deficit with the EFTA countries widened in 2023-24. Exports rose to $1.94 billion, compared to $1.92 billion in 2022-23 and $1.74 billion in 2021-22. However, imports surged to $22 billion, up from $16.74 billion in 2022-23, though lower than $25.5 billion in 2021-22.
The EFTA countries are not part of the EU. It is an inter-governmental organization for the promotion and intensification of free trade. It was founded as an alternative for states that did not wish to join the European community.
“The EFTA’s offer under TEPA includes tariff concessions for 92.2% of its tariff lines, encompassing 99.6% of Indian exports. This includes full market access for non-agricultural products and significant concessions for processed agricultural products. India, in return, has agreed to 82.7% of its tariff lines, covering 95.3% of the EFTA’s exports,” the ministry said.
The agreement is expected to reinforce the Make in India and Atmanirbhar Bharat initiatives by enhancing domestic manufacturing across sectors like pharmaceuticals, machinery, food processing, and renewable energy.
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It also facilitates access to the EFTA’s technology leadership in precision engineering, health sciences, and green innovation, the ministry said in the release.
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First Published
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23 Nov 2024, 01:32 PM IST
Business NewsNewsIndiaIndia seeks to accelerate TEPA implementation during commerce secretary’s visit to Norway
