New Delhi, March 18: India and Norway are looking to strengthen their trade and investment partnership, Union Commerce Minister Piyush Goyal said on Tuesday after a discussion with Norway's Minister of Foreign Affairs, Espen Barth Eide.

The leaders deliberated on ways to enhance economic collaboration and deepen cooperation in key sectors.

During their talks, they focused on improving workforce mobility and skill development, which could create new opportunities for both countries.

"India and Norway can significantly enhance trade relations and set an ambitious target of increasing bilateral trade tenfold over the next decade," Goyal stated.

The Indian Minister also emphasised the significance of the EFTA-TEPA (European Free Trade Association - Trade and Economic Partnership Agreement) and its investment commitments, highlighting its potential benefits for India-Norway trade relations.

"Discussed deepening our bilateral trade and investment ties, enhancing collaboration in skill development & workforce mobility, the significance of EFTA-TEPA and its investment commitments," Goyal said in a post on X.

The ministers exchanged views on pressing global trade issues, WTO reforms, and evolving geopolitical and economic trends.

They reaffirmed their commitment to fostering high-level business engagements that could drive mutual growth and economic prosperity.

The Union Minister also urged businesses from both nations to actively contribute to achieving this goal.

Meanwhile, the EFTA has committed to promote investments with the aim to increase the stock of foreign direct investments by $100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments.

The investments do not cover foreign portfolio investments. The EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India’s exports to the region.

The EFTA’s market access offer covers 100 per cent of non-agri products and tariff concession on Processed Agricultural Products (PAP).

Under the agreement, India is offering 82.7 per cent of its tariff lines which covers 95.3 per cent of the EFTA exports of which more than 80 per cent imports is of gold. (IANS)

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