India is rapidly gaining momentum on the track of progress. For this, many steps are being taken by the government to attract foreign investment. Recently in Germany, PM Modi had said that India is the best place for investment today. Now India’s Commerce Secretary Sunil Barthwal has taken the initiative to give impetus to the Trade and Economic Partnership Agreement (TEPA) by visiting Norway and to encourage investment of 100 billion dollars i.e. about Rs 8.44 lakh crore.
What is its purpose?
The objective of the visit was to strengthen trade relations with the European Free Trade Association (EFTA) and open up larger markets for Indian goods and services. EFTA includes Iceland, Liechtenstein, Norway and Switzerland. The TEPA agreement between India and EFTA countries was signed in March 2024. The agreement provides Indian products access to 99.6% of EFTA’s market and tariff concessions on non-agricultural and processed agricultural goods. In return, India has agreed to open 82.7% of its tariff lines to EFTA countries.
TEPA can be implemented soon
In Norway, Barthwall met several senior officials, including Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries. In these meetings, promotion of Indian exports and early implementation of TEPA were discussed. The Commerce Secretary also met members of the Norwegian Parliament and underlined the benefits of the agreement. In talks with Norwegian business stakeholders, Barthwal highlighted the opportunities offered by India’s fast-growing economy. He said that India is moving towards becoming the third largest economy in the world in the next 3-4 years.
Self-reliant India will get strength
TEPA will play an important role in strengthening Make in India and Self-reliant India campaign. This agreement will attract investment in sectors like infrastructure, manufacturing, pharmaceuticals, chemicals, food processing, transportation, banking and financial services. The ministry says that this agreement will create a large number of jobs in India over the next 15 years and improve vocational and technical training. Also, it will provide India access to global technologies in renewable energy, health sciences and research.
