EFTA States and India have signed a landmark Trade and Economic Partnership Agreement (TEPA) which is expected to bring significant economic benefits, such as better-integrated and more resilient supply chains, and new opportunities for businesses and individuals on both sides leading to increased trade and investment flows, job creation and economic growth.
EFTA country Norway is delighted with the agreement that was signed on 10 March 2024. It will gradually reduce the current seafood tariff level of 33% to zero tariff within five years, the Ministry of Trade and Fisheries reported.
“The new free trade agreement with India marks a historic milestone for the Norwegian seafood industry. After 16 years of negotiations, the agreement opens the door to significantly better market access, with zero tariffs on a number of key products such as salmon, halibut and cod. This will give Norwegian exporters a significant competitive advantage in the Indian market,” Norwegian Seafood Council (NSC) Acting Director for Market Insight and Market access Børge Lotre said.
NSC had a two-year project in India from 2016 to 2018. The project concluded with a postponement of the investment in the Indian market. This was partly due to customs barriers, but also challenges with logistics and problems with efficient distribution.
There were also major restrictions on foreign ownership, so that investments to build modern retail did not occur.
“The reduction of customs barriers in the recently concluded free trade agreement with India is a decisive step for the Norwegian seafood industry. With zero duty on products such as mackerel, herring and processed goods such as fillets of salmon and trout within five years, Norwegian seafood will gain a far more competitive position in one of the world’s largest and most sought-after markets,” Lotre said
Norwegian exporters are currently only slightly present in India. In the long term, however, NSC expects the country’s size, economic growth and its increasing demand for seafood will have greater significance for Norwegian exports in the future, helped by the free trade agreement.
The EFTA-India TEPA was signed by Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles of India; Guy Parmelin, Swiss Federal Councillor and Head of the Federal Department of Economic Affairs, Education and Research; Bjarni Benediktsson, Minister of Foreign Affairs, Iceland; Dominique Hasler, Minister of Foreign Affairs, Liechtenstein and Jan Christian Vestre, Minister of Trade and Industry, Norway.
