Commerce Secretary visits Norway to implement Trade and Economic Partnership Agreement (TEPA)
Shri Sunil Barthwal, Secretary, Department of Commerce, Ministry of Commerce and Industry visited Norway along with senior officials on 22nd November 2024. The purpose of the visit was to further the objectives of the Trade and Economic Partnership Agreement (TEPA) and to open large markets in EFTA countries for Indian exports of goods and services and to quickly implement $100 billion investment. Tepa was signed in March 2024.
Tepa is a modern and ambitious trade deal that India has signed with four developed countries – an important economic bloc in Europe. The agreement will give a boost to Make in India and provide opportunities to young and talented employees. EFTA is paying its 92.2% duty which comprises 99.6% of India’s exports. EFTA’s market access offer includes duty concessions on 100% non-agricultural products and processed agricultural produce (PAPs). India is providing 82.7% of its tariff line which comprises 95.3% of EFTA exports. India has offered 105 sub-se.
TEPA will promote “Make in India” and Aatma Nirbhar Bharat by promoting domestic manufacturing in sectors such as infrastructure and connectivity, manufacturing, machinery, pharmaceuticals, chemicals, food processing, transport and logistics, banking and financial services and insurance.
TEPPA is expected to accelerate the creation of a large number of direct jobs for India’s young aspiring workforce over the next 15 years, including improved facilities for vocational and technical training. TEPA also facilitates technological cooperation in the areas of precision engineering, health sciences, renewable energy, innovation and R&D, and access to world-leading technologies.
Mr. Barthwal met Mr. Tomas Norvol, Secretary of State, Ministry of Commerce, Industry and Fisheries, Norway, to discuss further steps to promote trade and investment, mobility for Indian professionals, reactivate the existing institutional arrangements and approve the TEPA. Commerce Secretary also. read more
