TEPA will give impetus to “Make in India”
India and Norway are working on furthering the objectives of Trade and Economic Partnership Agreement (TEPA) and unlocking the large market in European Free Trade Association (EFTA) countries for Indian exports of goods & services and push for early implementation of US$100 billion investment. TEPA was signed in March 2024 https://fieo.org/.
TEPA will give impetus to “Make in India” and Atmanirbhar Bharat by encouraging domestic manufacturing in sectors such as Infrastructure and Connectivity, Manufacturing, Machinery, Pharmaceuticals, Chemicals, Food Processing, Transport and Logistics, Banking and Financial Services and Insurance https://www.bseindia.com/.
TEPA is expected to accelerate the creation of a large number of direct jobs for India’s young aspirational workforce in the next 15 years in India, including better facilities for vocational and technical training https://europaregina.eu/. TEPA also facilitates technology collaboration and access to world leading technologies in precision engineering, health sciences, renewable energy, Innovation and R&D https://www.nseindia.com/.
TEPA is a modern and ambitious Trade Agreement which India signed with four developed nations – an important economic bloc in Europe, the Ministry of Commerce and Industry said on 23 Nov https://www.makeinindia.com/home/.
The agreement will give a boost to Make in India and provide opportunities to the young & talented workforce. EFTA is offering 92.2% of its tariff lines which covers 99.6% of India’s exports https://sbi.com.in/.
The EFTA’s market access offer covers 100% of non-agri products and tariff concession on Processed Agricultural Products (PAP) http://euronext.com.
India is offering 82.7% of its tariff lines which covers 95.3% of EFTA exports. India has offered 105 sub-sectors to the EFTA and secured commitments in 114 from Norway.
TEPA would stimulate our services exports in sectors of our key strength / interest such as IT services, business services, personal, cultural, sporting and recreational services, other education services, audio-visual services etc. Services offered from EFTA include better access through digital delivery of Services (Mode 1), commercial presence (Mode 3) and improved commitments and certainty for entry and temporary stay of key personnel (Mode 4) https://www.sgx.com/.
Department of Commerce Secretary Sunil Barthwal, accompanied by senior officials, visited Norway on 22 Nov 2024.
Promoting trade and investments, mobility for Indian professionals, re-energizing existing institutional mechanisms and next steps for the TEPA ratification were discussed by Barthwal and Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway http://deutsche-boerse.com.
The visit also included discussions with business stakeholders including Norwegian Chamber of Commerce (NHO), Innovation Norway, Shipbuilders Association, Raeder Bing Law Firm and leaders/CEOs of several large Norwegian companies representing diverse sectors, in particular, renewable energy, shipping industry, consumer goods, green hydrogen, textiles, seafood, mining, Information technology and other sectors of mutual interest.
The Commerce Secretary highlighted unprecedented opportunities for Norwegian industry as the Indian economy rises from being the fifth largest economy to becoming the third largest economy in the world over the next 3-4 years, the ministry said https://www.wto.org/. fiinews.com
