Industry Minister Jan Christian Vestre (Ap) is in New Delhi in India to establish ties. On Sunday morning Norwegian time, he and the country’s trade minister Piyush Goyal signed the historic trade agreement. – Norwegian companies that export to India today face high customs barriers of up to forty percent on certain goods, says Vestre. Good atmosphere after Norway and India entered into a trade agreement. Photo: THE DEPARTMENT OF ECONOMY AND FISHERIES But now this is about to change. For the new trade agreement, according to the government, there will be zero customs duties for over ninety percent of Norwegian exports to India. The agreement is concluded between the EFTA countries, of which Norway is a part, and India. Negotiations on such an agreement originally started in 2008. Now they are finally at the finish line. Important for the seafood industry Prime Minister Jonas Gahr Støre (Ap) says this provides great export opportunities for Norwegian companies. – After the EEA agreement, this could become one of the most important trade agreements Norway has ever entered into. Vestre is also clear that the agreement will mean a lot for workplaces all over Norway. Among other things, he points to seafood businesses, which currently have to pay 33 percent duty in India. – With this agreement, Norwegian salmon and mackerel will receive zero customs duty after five years. This gives Norwegian exporters a major competitive advantage compared to competitors in Europe and the rest of the world. Obliges to follow climate agreement India is the fifth largest economy in the world. With a population of 1.4 billion people, India is also the world’s largest democracy. India’s finance minister Nirmala Sitharaman and industry minister Jan Christian Vestre last time Vestre was in India, in December 2023. Photo: Ministry of Trade and Fisheries – In a troubled world with geo- and security political tensions, it is important to link India more closely to the West, says Vestre. For the first time, India has agreed to include a reference to human rights in a trade agreement. – Human rights are a central part of Norwegian foreign policy. It has therefore been important for Norway to include human rights and international environmental conventions as part of the agreement, says Støre. The agreement also includes provisions on trade in services, seafarers and the movement of people and sustainable development. In addition, India will establish a separate office to help Norwegian companies on the Indian market.
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Norway signs historic trade agreement with India – news Urix – Foreign news and documentaries
