Norway Eliminates Customs Duties on 98% of Indian Exports Under New TEPA Agreement

Under the new Trade and Economic Partnership Agreement (TEPA) signed between India and the European Free Trade Association (EFTA), Norway has agreed to remove customs duties on 98% of Indian exports. This decision was announced by Norway’s Minister of Trade and Industry, Jan Christian Vestre, during a detailed discussion about the broader implications of the agreement. By eliminating these tariffs, Norway aims to enhance the competitiveness of Indian products within its market.

In an interview in New Delhi, where the agreement was signed with the EFTA nations, including Iceland, Liechtenstein, Norway, and Switzerland, Minister Vestre highlighted that the TEPA is designed to do more than just reduce trade barriers. He stressed its significance in fostering sustainable economic growth and creating new opportunities for both regions.

The agreement also includes strategic measures to boost investments. Vestre outlined Norway’s commitment to creating a conducive business environment that encourages private sector investments. This involves establishing predictable framework conditions and a supportive ecosystem that enable companies to thrive, invest, and create jobs.

Moreover, Minister Vestre touched on the potential for this agreement to strengthen bilateral relationships and promote economic cooperation between India and the EFTA countries. He expressed optimism about the mutual benefits that the reduction in tariffs would bring, emphasizing the role of the TEPA in not only enhancing trade but also in building a foundation for long-term economic and social partnerships.