India and EFTA – Trade Agreement

November 25, 2024

Commerce Secretary Sunil Barthwal recently visited Norway, and aimed to discuss the swift implementation of a free trade agreement. This agreement is between India and the European Free Trade Association (EFTA). EFTA consists of Iceland, Liechtenstein, Norway, and Switzerland. The Trade and Economic Partnership Agreement (TEPA) was signed in March. However, the implementation date remains undecided.

Objectives of the Visit

Barthwal’s primary goal was to enhance trade relations. He sought to open an extensive EFTA market for Indian goods and services. Additionally, he advocated for an investment plan worth $100 billion. This plan aims to boost economic ties between India and EFTA countries.

Meetings and Discussions

During his visit, Barthwal met with Tomas Norvoll. Norvoll is Norway’s State Secretary for Trade, Industry, and Fisheries. They discussed several key topics. These included increasing trade and investments. They also focused on improving mobility for Indian professionals. Another important point was advancing the ratification of the TEPA.

India’s Seafood Exports

India’s seafood exports have increased over the last decade. They have doubled to $7.3 billion, equating to 17.81 lakh metric tonnes. The EU has become India’s second-largest seafood market. It purchases approximately $0.95 billion worth of seafood annually. India boasts 500 EU-approved seafood processing companies, indicating industry growth.

Market Share in the EU

India is the EU’s second-largest supplier of shrimp. It holds an 8% market share in this sector. Additionally, India contributes 12% of the EU’s squid imports. This marks India’s vital role in the European seafood market.

The discussions signify potential growth in trade relations. Successful implementation of TEPA could lead to increased economic collaboration. Enhanced trade could benefit both India and EFTA member countries .

Important Facts for Exams:
EFTA – The European Free Trade Association includes Iceland, Liechtenstein, Norway, and Switzerland. It aims to promote free trade and economic integration among its member states.
TEPA – The Trade and Economic Partnership Agreement was signed in March. It seeks to enhance trade relations between India and EFTA, facilitating smoother economic interactions.
Seafood Exports – India’s seafood exports have doubled over ten years, reaching $7.3 billion. The EU is now India’s second-largest seafood market, boosting India’s economy.

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