New Delhi, March 18 (IANS). Union Commerce Minister Piyush Goyal on Tuesday said after discussing with Norway Foreign Minister Espaine Barat Ede that India and Norway want to strengthen their trade and investment partnerships.
The two leaders discussed ways to increase economic cooperation and to deepen cooperation in major areas.
During his conversation, he focused on improving the workforce dynamics and skill development, making new opportunities for the two countries.
Goyal said, “India and Norway can significantly increase trade relations and set the ambitious goals of increasing bilateral trade ten times in the next decade.”
The Indian Minister also emphasized the importance of EFTA-TEPA (European Free Trade and Economic Partnership Agreement) and its investment commitments and highlighted its possible benefits for India-Norway trade relations.
Goyal said in a post on X, “Our bilateral trade and investment relationships were discussed, the importance of EFTA-TEPA and its investment commitments were discussed.”
The ministers exchanged ideas on global trade issues, world trade organization reforms and emerging geopolitical and economic trends.
He re -confirmed his commitment to promote high -level commercial relations to promote mutual development and economic prosperity.
The Union Minister also urged the businesses of both countries to make active contribution in achieving this goal.
Meanwhile, the EFTA has committed to promote investment in the next 15 years with the aim of increasing foreign direct investment in India to $ 100 billion and facilitating the creation of 1 million direct employment in India through such investments.
Investment does not include foreign portfolio investment. EFTA is providing 92.2 percent of its tariff lines, which covers India’s 99.6 percent exports in the region.
The EFTA’s market access offer includes 100 percent non-agricultural products and tariff concessions on processed agricultural products (PAPs).
Under the agreement, India is providing 82.7 percent of its tariff lines, which covers 95.3 percent of EFTA exports, out of which more than 80 percent of imports are gold.
-IANS
AKS/CBT
