“India-EFTA trade deal offers huge potential, many companies interested in investing”: Norwegian leader

Lauding ties between India and Norway, Norwegian leader Ine Eriksen Soreide has pointed out that the potential for further collaboration between the two countries, especially in the areas of climate change, green transition, and ocean management, is huge.

Soreide, who is the Leader of the Standing Committee on Foreign Affairs and Defence of the Parliament of Norway, also praised the trade deal between India and EFTA nations, which he said will deepen collaboration between New Delhi and Oslo.

Speaking to ANI, Soreide said, “We are here as the members of the Foreign Affairs and Defence committee and we have been having meetings both in ministries and in Parliament…We have been discussing everything from geopolitics to regional issues and the growing collaboration between India and Norway.”

Being asked about the India-Norway ties during her tenure as the foreign and defence minister of Norway, Soreide said the relations have “huge potential.” She further hailed the recent Free Trade Agreement between India and the European Free Trade Association and said many Norwegian companies are keen to invest in India.

“It (India-Norway ties) has huge potential. When I was the foreign minister, we issued an India strategy, which was the first ever from Norway’s side and this has been followed by an agreement on FTA between EFTA and India, which offers huge potential for doing more trade and collaboration,” the Norwegian leader said.

“Many Norwegian companies are interested in investing in India…There is huge potential between the two countries…We have been talking about research collaboration on climate change, which is very important globally…We have joint interests in areas such as climate change, technology, green transition and ocean management,” she added.

Earlier in March, India signed a USD 100 billion Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) bloc

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland.

As part of the agreement, EFTA has committed to promote investments to increase the stock of foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments.

Speaking further, the Norwegian leader said that Norway is excited about the upcoming India-Nordic summit in Oslo, adding that it will give a huge boost to the collaboration between two nations.

“We are very excited about it and we hope that it can take place soon. It will give a huge boost to our collaboration. We are hoping and expecting high-level visits both ways, and we have also been advocating the necessity and the interest on our side to host Indian delegations in Norway,” Soreide said.