Norway and the other EFTA countries have reached an agreement with India on a trade deal. The agreement, signed on March 1st, is historic and will gradually provide zero tariffs on almost all Norwegian exports to India. The trade agreement is part of the government's export initiative "Whole Norway Exports". As the first in Europe, Norwegian businesses will enjoy tariff-free access for most goods they export to India. These are advantages that businesses in EU countries and the UK currently do not have.
Jan Christian Vestre with his Indian colleague Piyush Goyal right after signing the trade agreement. Photo: NFD / Sofie Dege Dimmen
'India is already an economic powerhouse with strong economic growth. Several industrial companies have established a foothold there, and exports will increase in the years to come. A free trade agreement with tariff reductions is good news,' says Knut E. Sunde of Norsk Industri.
The trade agreement will stimulate increased trade, investment, and cooperation between EFTA countries and India. India commits to removing tariffs on most Norwegian products and services. With a population of 1.4 billion people, India is the world's largest democracy. Currently, Norway's trade with India is limited, but it has more than doubled in the past decade, and substantial growth is expected in the years ahead, not least as a result of the new trade agreement.
India currently has high tariffs on industrial goods and seafood, and the agreement will give Norwegian businesses a competitive advantage in the Indian market. The trade agreement provides zero tariffs for over 90 percent of Norwegian exports to India based on Indian import statistics for the period from 2020 to 2022. The agreement also includes provisions on trade in services, seafarers and movement of persons, intellectual property rights, promotion of investments, trade, and sustainable development.
More information:
Norsk Industri
www.norskindustri.no