India–Norway Trade Dialogue Signals New Momentum Post-TEPA

India and Norway have reaffirmed their commitment to deepening bilateral economic ties, with a strong focus on investment, sustainability, and technology collaboration, during the 3rd Session of the India–Norway Dialogue on Trade and Investment (DTI) held in New Delhi.

The high-level dialogue, co-chaired by Shri Mohit Yadav, Joint Secretary, Department of Commerce, Government of India, and Ms Nina Christine Rør, Director General, Norway's Ministry of Trade, Industry and Fisheries, marked the first engagement since the India–EFTA Trade and Economic Partnership Agreement (TEPA) came into force on October 1, 2025—setting the stage for a new phase in bilateral cooperation.

TEPA Emerges as Cornerstone of Economic Partnership

Both sides underscored the transformative potential of TEPA in expanding trade, unlocking investments, and fostering innovation-driven partnerships. The agreement, signed with EFTA countries (Norway, Switzerland, Iceland, and Liechtenstein), is expected to catalyse $100 billion in investments into India over 15 years and generate up to 1 million direct jobs, positioning it among India's most ambitious trade frameworks.

Union Commerce and Industry Minister Shri Piyush Goyal has earlier described the agreement as a reflection of India's commitment to "shared prosperity and inclusive growth," aligned with Prime Minister Narendra Modi's vision of strengthening global economic partnerships.

Trade Growth Gains Momentum

India–Norway trade relations have shown steady growth, with merchandise exports from India rising from $270 million in 2014 to $439 million in 2025, registering an average annual growth rate of around 5 percent. Even more notably, India's services exports to Norway reached $876 million in 2024, underlining the growing importance of IT, professional services, and knowledge-driven sectors in bilateral ties.

Officials noted that TEPA's provisions are expected to accelerate this trajectory by easing market access and reducing trade barriers.

Boost for MSMEs, Farmers, and Women Entrepreneurs

A major highlight of the agreement is duty-free access to the Norwegian market for a wide range of Indian agricultural and allied products, including rice, fruits, vegetables, honey, marine products, and floriculture.

This is expected to create new export opportunities for:

• MSMEs and rural enterprises

• Women entrepreneurs

• Farmers and fishermen

• Innovation-led startups

The move is being seen as a step toward inclusive trade growth, enabling grassroots participation in global value chains.

Addressing Trade Barriers and Enhancing Ease of Doing Business

During the dialogue, both sides reviewed implementation challenges under TEPA and identified key areas requiring attention, including:

• Sanitary and phytosanitary (SPS) measures

• Product certification and regulatory compliance

• Tariff reduction benefits

• Origin certification mechanisms

• Cost of compliance and procedural bottlenecks

Officials agreed on the need for streamlined regulatory frameworks and regular consultations to ensure smooth execution of the agreement.

Expanding Cooperation in Strategic Sectors

The dialogue explored new avenues of cooperation across a wide spectrum of high-growth and future-oriented sectors:

• Energy: Oil and gas, offshore technologies, renewable energy, and green hydrogen

• Maritime: Digital port operations and sustainable shipping practices

• Pharmaceuticals & Biotech: Innovation partnerships and research collaboration

• Skill Development & Mobility: Workforce exchange and capacity building

• Tourism & Services: Expanding people-to-people and service sector engagement

The emphasis on low-carbon solutions and climate transition reflects a shared commitment to sustainability and energy security amid global uncertainties.

Norway Steps Up Investment Push in India

The Norwegian side highlighted growing investor interest in India, particularly in renewable energy and infrastructure. Key investment channels include:

• Government Pension Fund Global, one of the world's largest sovereign wealth funds

• Norfund, Norway's development finance institution

India, in turn, has operationalised an EFTA Desk under Invest India to facilitate smoother entry and expansion of EFTA-based businesses.

Strengthening Strategic Engagement

Both countries agreed to intensify high-level engagements, including:

• Business missions and industry exchanges

• Regular quarterly consultations to resolve trade issues

• Enhanced institutional coordination

The next session of the India–Norway DTI will be hosted by Norway in 2028.

Looking Ahead: TEPA Anniversary and Prosperity Summit

Both sides welcomed the upcoming first anniversary of TEPA, to be commemorated at the Prosperity Summit 2026 on October 1, with expectations of high-level participation from governments and industry leaders.

A Future-Oriented Partnership

The dialogue concluded with a strong reaffirmation of India's commitment to building a dynamic, innovation-led, and sustainable economic partnership with Norway, anchored in trust and shared prosperity.

As global supply chains undergo realignment and countries seek resilient, green, and technology-driven growth models, the India–Norway partnership—backed by TEPA—is poised to emerge as a key pillar of India's expanding engagement with Europe.