Norway to Ratify India-EFTA Trade Deal by 2025: Enhancing Bilateral Ties

Norway plans to ratify the India-EFTA free trade agreement by 2025, signaling a major step in strengthening bilateral ties and trade. The agreement, termed a landmark by Norwegian Ambassador May-Elin Stener, focuses on renewable energy, maritime industries, and sustainability, with the Indo-Nordic Summit set for 2025.

Norway has announced its intention to ratify the India-EFTA free trade agreement by 2025, according to the commerce and industry ministry. The agreement, known as the Trade and Economic Partnership Agreement (TEPA), was signed by India and the EFTA bloc on March 10 this year, but requires ratification from all four countries involved.

During the India-Norway Business Forum in Mumbai, Norwegian Ambassador to India, May-Elin Stener, described TEPA as a landmark in bilateral relations, with the potential to boost trade and investment. She highlighted Norway's focus on areas such as renewable energy and maritime industries.

Commerce and Industry Minister Piyush Goyal chaired an open discussion, raising issues like regulatory challenges and public procurement concerns. Norway plans to host the Indo-Nordic Summit in 2025, and Goyal proposed establishing a startup bridge between the nations to leverage local talent for global market expansion.

(With inputs from agencies.)