India is best for investing
India is rapidly gaining momentum on the path of progress. To this end, the government is taking many measures to attract foreign investment. Recently in Germany, Prime Minister Modi said that India is the best place to invest today. Now, India’s Commerce Secretary Sunil Barthwal has taken the initiative to boost the Trade and Economic Partnership Agreement (TEPA) by visiting Norway and encouraging an investment of 100 billion dollars, that is, around 8.44 lakh crores.
What is its purpose?
The objective of the visit was to strengthen trade relations with the European Free Trade Association (EFTA) and open larger markets for Indian goods and services. EFTA includes Iceland, Liechtenstein, Norway and Switzerland. The TEPA agreement between India and the EFTA countries was signed in March 2024. The agreement provides Indian products with access to 99.6% of the EFTA market and tariff concessions for processed agricultural and non-agricultural products. In exchange, India agreed to open 82.7% of its tariff lines to EFTA countries.
TEPA can be implemented soon
In Norway, Barthwall met with several senior officials, including Tomas Norvoll, Secretary of State at the Ministry of Trade, Industry and Fisheries. Promotion of Indian exports and early implementation of TEPA were discussed in these meetings. The Trade Secretary also met with members of the Norwegian Parliament and highlighted the benefits of the agreement. In conversations with Norwegian businessmen, Barthwal highlighted the opportunities for India’s fast-growing economy. He said India is moving towards becoming the world’s third largest economy in the next 3-4 years.
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Self-reliant India will become stronger
TEPA will play an important role in strengthening the Make in India and Self-reliant India campaign. This agreement will attract investments in sectors such as infrastructure, manufacturing, pharmaceuticals, chemicals, food processing, transportation, banking and financial services. The ministry claims that this agreement will create a large number of jobs in India over the next 15 years and improve vocational and technical training. Additionally, it will provide India with access to global technologies in renewable energy, health sciences and research.
