In a significant step towards deepening economic collaboration, Union Finance and Corporate Affairs Minister Nirmala Sitharaman held key discussions in Oslo with Norway’s Trade and Industry Minister Cecilie Myrseth and State Secretary Even Trønstad Sagebakken for Fisheries and Ocean Policy.
The meeting, announced via an X post by India’s Finance Ministry, focused on unlocking new opportunities in critical sectors. Topics ranged from green technologies and rare earth processing to maritime and shipping industries, as well as fisheries.
Discussions emphasized strengthening mutual investments and technological partnerships under the India-EFTA (European Free Trade Association) Trade and Economic Partnership Agreement (TEPA). This framework is seen as a cornerstone for future bilateral trade.
Minister Myrseth expressed keen anticipation for Prime Minister Narendra Modi’s proposed visit to Norway by year’s end, signaling strong diplomatic momentum. Meanwhile, State Secretary Sagebakken praised India’s growing expertise in the maritime sector, noting its vital contribution to Norway’s ocean economy.
Sitharaman highlighted the mutual benefits of effectively implementing TEPA, expressing optimism for its timely execution. She underscored how the agreement would spur investments, facilitate technology transfers, and create fresh employment avenues.
Experts view this engagement as a pivotal moment for India-Norway relations. Enhanced cooperation in green tech, maritime economies, and fisheries is expected to fortify trade links and expand their roles in global supply chains. As both nations navigate evolving economic landscapes, such partnerships promise sustainable growth and innovation.
This Oslo dialogue sets a promising precedent, potentially unlocking billions in trade and investment while addressing shared challenges like climate change and resource security.