TAP to unlock 99.6% market access for Indian exports and Drive $100 Billion investment

Commerce Secretary, Shri Sunil Barthwal, Department of Commerce, Ministry of Commerce & Industry, along with senior officials, visited Norway on November 22, 2024. The purpose of the visit was to further the implementation of the Trade and Economic Partnership Agreement (TEPA), boost Indian exports of goods and services to EFTA countries, and accelerate the execution of the $100 billion investment plan.

India's Trade Agreement with Four European Nations:

TEPA is a modern and ambitious trade agreement that India signed with four developed nations in Europe. It is designed to promote the Make in India initiative and create new opportunities for India's talented and dynamic workforce. Under this agreement, EFTA has offered tariff concessions on 92.2% of its tariff lines, covering 99.6% of Indian exports, including all non-agricultural products and processed agricultural products (PAP).

TEPA will play a pivotal role in supporting Make in India and Atmanirbhar Bharat by fostering domestic manufacturing in sectors such as infrastructure, manufacturing, machinery, pharmaceuticals, chemicals, food processing, transport, logistics, banking, financial services, and insurance.

New Opportunities for 'Make in India' and Youth Employment:

TEPA is expected to generate significant employment opportunities for India's young and ambitious workforce over the next 15 years. It will also enhance vocational and technical training facilities. Additionally, the agreement will provide India with access to world-class technologies in sectors like precision engineering, health sciences, renewable energy, innovation, and research & development (R&D).

Strengthening Trade and Investment Relations:

The visit focused on promoting trade and investment, simplifying mobility for Indian professionals, reactivating existing institutional mechanisms, and advancing discussions on the next steps for TEPA's ratification. Shri Barthwal also met Norway's Minister of Trade and Industry, H.E. Ms. Cecilie Myrseth, and Minister of Health and Care Services, H.E. Mr. Jan Christian Vestre, to discuss key priorities and collaborations.

Exploring Opportunities in Norway's Growing Industries: During his visit, Shri Barthwal engaged with Norwegian business associations such as the Norwegian Chamber of Commerce, Innovation Norway, the Shipbuilders Association, and industry leaders and CEOs from diverse sectors, including renewable energy, shipping, consumer goods, green hydrogen, textiles, seafood, mining, and information technology.
The Commerce Secretary highlighted the unprecedented opportunities for Norwegian industries to collaborate with India as the country's economy is poised to become the third-largest in the world within the next 3–4 years.

Read More... Odisha Government to provide ₹800 Bonus on Paddy, Amount to Be Transferred to Accounts from December 8