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regular-article-logo Sunday, 24 November 2024

India pact with European Free Trade Association set in motion

The Trade and Economic Partnership Agreement (TEPA), signed in March, is yet to be implemented. EFTA includes Iceland, Liechtenstein, Norway and Switzerland

Our Special Correspondent New Delhi Published 24.11.24, 12:50 PM
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Commerce secretary Sunil Barthwal has visited Norway to discuss a faster implementation of a free trade agreement with the European Free Trade Association (EFTA), the commerce ministry said on Saturday.

The Trade and Economic Partnership Agreement (TEPA), signed in March, is yet to be implemented. EFTA includes Iceland, Liechtenstein, Norway and Switzerland.

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The ministry said Barthwal met Norway’s state secretary for trade, industry and fisheries, Tomas Norvoll, to explore ways to boost trade and investments, enhance mobility for Indian professionals, and finalise steps for TEPA’s ratification. Discussions also focused on tapping a potential $100 billion investment and opening EFTA markets for Indian goods and services.

Seafood exports

In a separate statement, the ministry said India’s seafood exports have doubled over the past decade, reaching $7.3 billion in value and 1.78 million metric tonnes in volume. The European Union is India’s second-largest seafood market, with annual purchases worth $950 million.

India is the EU’s second-largest shrimp supplier, holding an 8 per cent market share and accounting for 12 per cent of the bloc’s squid imports.

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