India, Norway discuss EFTA pact implementation

India and Norway on Wednesday discussed the implementation of the India-EFTA free trade agreement, which was signed in March last year to boost economic ties.

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The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.

The agreement, which is expected to be implemented this year, was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Norwegian Minister of Foreign Affairs Espen Barth Eide.

Goyal is on an official visit to Oslo. “In my first engagement after arriving in Oslo, held a bilateral meeting with @EspenBarthEide, the Norwegian Minister of Foreign Affairs. 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,” Goyal said in a post on X.

India and EFTA signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products like Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

Goyal also held a meeting with Cecilie Terese Myrseth, Minister of Trade and Industry of Norway.