TEPA Unlocks Billion-Dollar Potential: India-Norway Dialogue Boosts Trade and Targets Green Energy Boom

TEPA Unlocks Billion-Dollar Potential: India-Norway Dialogue Boosts Trade and Targets Green Energy Boom​

The 3rd Session of the India-Norway Dialogue on Trade and Investment (DTI) was held in New Delhi on 16 April 2026. The meeting was crucial, serving as the first DTI since the India-EFTA Trade and Economic Partnership Agreement (TEPA) entered into force on 1 October 2025. The dialogue, co-chaired by Joint Secretary Shri Mohit Yadav and Director General Ms Nina Christine Rør, underscored the strategic importance of TEPA in elevating economic ties.

Union Minister Shri Piyush Goyal noted that the TEPA reflects a shared commitment to inclusive prosperity. Both nations reviewed the global economic landscape, acknowledging the need for robust supply chains, energy security, and navigating geopolitical uncertainties. Consequently, both sides committed to intensifying efforts to diversify trade and foster mutually beneficial business initiatives.

Leveraging TEPA for Deeper Economic Integration​

The cornerstone of the discussion was the India-EFTA TEPA, which provides a comprehensive framework for cooperation. The agreement is poised to accelerate collaboration across trade, investment, and technology sectors. It shares the collective objective for EFTA States to channel US$ 100 billion in investment into India over 15 years, thereby facilitating the creation of 1 million direct jobs.

During the dialogue, India highlighted the establishment of an EFTA Desk under Invest India to offer dedicated support to EFTA businesses. Furthermore, the TEPA’s duty-free access for various agricultural and allied products is noted for its deep impact. It specifically creates space for women entrepreneurs, MSMEs, farmers, and fishermen to participate more deeply in export value chains.

Strengthening Bilateral Trade Streams and Services​

Bilateral trade between India and Norway has demonstrated consistent growth, confirming the strength of the partnership. India’s exports to Norway have seen substantial growth, rising from US$ 270 million in 2014 to US$ 439 million in 2025. This sustained performance indicates an average annual growth rate of approximately 5 per cent.

The growing role of services was particularly emphasized, with India's services exports to Norway reaching US$ 876 million in 2024. The TEPA benefits extend to diverse commodities, including rice, vegetables, nuts, fruit preparations, honey, marine products, and floriculture.

Addressing Barriers and Expanding Sectoral Cooperation​

Recognizing that deeper trade requires tackling structural hurdles, both sides addressed specific implementation issues under TEPA. Key focus areas included tariff reduction benefits alongside the necessity of managing non-tariff barriers. These barriers encompass sanitary and phytosanitary measures, product registration requirements, and complex compliance costs.

Sectoral cooperation was a major theme, spanning critical future-oriented fields. Discussions covered energy, skill development, maritime cooperation, pharmaceuticals, and MSMEs. Specific attention was paid to green hydrogen, low-carbon solutions, offshore technologies, renewable energy, and the digitization of port operations.

Solidifying the Future Partnership Roadmap​

Norway reaffirmed its commitment to promoting TEPA and investment opportunities within India to its business community. This interest includes funding channels like the Government Pension Fund Global and Norfund's investment in renewable energy projects. Both sides agreed to intensify high-level visits, industry exchanges, and business missions to capitalize on this momentum.

Both countries welcomed the upcoming commemoration of TEPA's first anniversary at the Prosperity Summit 2026 on 1 October 2026. Furthermore, they established a mechanism for ongoing dialogue, committing to regular quarterly consultations and planning the next DTI session in Norway for 2028. The dialogue successfully reaffirmed India's commitment to a future-oriented partnership grounded in sustainability and shared prosperity.