India-Norway Push $100B Trade Deal to Boost Jobs and Green Growth

Dubela, Satrajit Das: India and Norway are all set to take their trade and investment ties to the next level through the new Trade and Economic Partnership Agreement (TEPA), it is signed between India and European Free trade Association in March 2024. The deal is massive because now EFTA countries, which includes Norway, has promised to invest a whopping $100 billion in India over the next 15 years. This particular investment is expected to create around 1 million jobs, with major focus on areas like clean energy, climate action and maritime trade and industries. The discussion recently picked up speed during the India – Norway Business Forum held in Mumbai, where Indian Commerce Minister Piyush Goyal and Norwegian Ambassador May-Elin Stener shared their commitment to make the agreement a reality by 2025.

While the deal brings hope for stronger economic ties and mutual growth, it’s not without challenges. Indian exports to EFTA are much lower than imports, and Norwegian companies have pointed out a few issues on India’s policy on quality standards. However, minister Piyush Goyal has assured that these concerns will be addressed with proper coordination across ministries. In fact, he even suggested creating a startup bridge to connect Indian and Norwegian startups.

Overall, the deal feels like a major step forward not just for economic reasons, but for building stronger international relations too. This deal could turn out to be a win-win situation for both countries, offering long-term benefits for young professionals, businesses and the job market.