India and Norway recently held discussions on the global and domestic economic outlook, emphasizing the importance of resilient supply chains, energy security, climate transition, and enhanced trade and investment ties amidst geopolitical uncertainties. Both countries agreed to enhance trade diversification and support mutually beneficial business initiatives.
During the India–Norway Dialogue on Trade and Investment (DTI), specific issues related to the India–EFTA Trade and Economic Partnership Agreement (TEPA) were reviewed. This included discussions on tariff reduction benefits, addressing trade and investment barriers, regulatory frameworks, compliance costs, and origin certification through agreed mechanisms.
Union Commerce and Industry Minister Piyush Goyal highlighted Prime Minister Narendra Modi’s commitment to the India–EFTA TEPA, emphasizing a shared dedication to prosperity and fostering a stronger partnership among participating nations. The dialogue reaffirmed commitments under the TEPA and explored opportunities for increased trade, investment, technology collaboration, capacity building, and business partnerships.
India and Norway have seen a growth in bilateral trade in recent years, with India’s exports to Norway increasing from $270 million in 2014 to $439 million in 2025. Additionally, India’s services exports to Norway reached $876 million in 2024, showcasing the rising importance of services in their economic relationship.
The duty-free access secured under TEPA for various agricultural and allied products in Norway is significant, providing opportunities for women entrepreneurs, MSMEs, farmers, fishermen, and innovation-driven businesses to engage more deeply in export value chains. This access covers products such as rice, vegetables, nuts, fruit preparations, honey, marine products, and floriculture.
Both countries are actively promoting TEPA and investment opportunities. Norway is encouraging its business community to explore investments in India, including in renewable energy projects. High-level visits, industry exchanges, and business missions are set to intensify, with plans to commemorate the first anniversary of TEPA during the Prosperity Summit 2026 on October 1, 2026.
