In a significant move to bolster bilateral trade relations, India’s Commerce Secretary, Sunil Barthwal, recently visited Norway to expedite the implementation of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA). The agreement, signed in March, aims to unlock new markets for Indian goods and services in the EFTA nations: Iceland, Liechtenstein, Norway, and Switzerland.
The Commerce Ministry stated that the primary objective of the visit was to accelerate the TEPA’s implementation and leverage the vast market potential of EFTA countries. Barthwal met with Tomas Norvoll, State Secretary of Norway’s Ministry of Trade, Industry, and Fisheries, to discuss strategies for boosting trade and investment flows, facilitating mobility for Indian professionals, revitalising existing institutional mechanisms, and outlining the next steps for TEPA ratification.
Seafood Industry Gains Momentum
India’s seafood sector has witnessed substantial growth in recent years, with exports doubling to USD 7.3 billion in value and 17.81 lakh metric tonnes in volume over the past decade. The country’s 500 EU-approved firms and expanding processing capacity have solidified its position as the EU’s second-largest seafood supplier. India currently holds an 8% market share in the EU shrimp market and contributes 12% of the EU’s squid imports.
By prioritizing the early implementation of the TEPA and fostering stronger economic ties with EFTA, India aims to further diversify its export markets and enhance its global trade competitiveness.
