TEPA: Norway to eliminate customs duties for almost 98 pc of imports from India
free trade pact with a four-member European bloc, Norway on Sunday said it will eliminate customs duties for almost 98 per cent of the imports from India under the framework of the pact. The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery.
After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has ever entered, said Norwegian Prime Minister Jonas Gahr Stoere.
At a media briefing, Norway's Minister of Trade and Industry Jan Christian Vestre described the Trade and Economic Partnership Agreement (TEPA) as a major result-oriented milestone that would not only boost two-way trade but also promote a rules-based trading system.
«Norwegian businesses that export to India today meet high tariff barriers of up to 40 per cent on certain goods. With this new agreement we have secured zero tariff on almost all Norwegian exports to India,» he said.
«This is a breakthrough that can mean a lot for workplaces throughout Norway,» he said.
Vestre said India is a «economic and political power house» with an extraordinary economic growth rate that it is set to continue in years to come and Norwegian companies will have a lot of opportunities in the country.
«We will eliminate all customs duties for almost 98 per cent of the imports from India including
