India-EFTA Free Trade Agreement Implementation in Norway
- Commerce Secretary Sunil Barthwal visited Norway to discuss the implementation of the Trade and Economic Partnership Agreement (TEPA).
- The agreement, signed in March, is part of the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland.
- The visit aimed to unlock a large market for Indian exports and push for early implementation of $100 billion investment.
- India’s seafood exports have doubled in value over the past decade, making it the EU’s second-largest seafood market.
- India is also the EU’s second-largest shrimp supplier, contributing 12% of the EU’s squid imports.
European Free Trade Association (EFTA)
- Intergovernmental organization of Iceland, Liechtenstein, Norway, and Switzerland.
- Established in 1960 to promote free trade and economic integration.
- Main tasks include maintaining and developing the EFTA Convention, managing the EEA Agreement, and developing EFTA’s worldwide network of free trade agreements.
- Mission: Promote free trade and economic integration for the benefit of its four member states and global trading partners.
- Member States: Open, competitive economies committed to progressive liberalization of trade in multinational arena and free trade agreements.
