Norway, a member of the European Free Trade Association (EFTA), expressed its growing investment interest in India through Government Pension Fund Global and Norfund’s investments in renewable energy projects.
The issues were discussed during the third session of the India–Norway Dialogue on Trade and Investment on April 16.
They discussed the need to address certain trade and investment barriers to take full benefit of the Trade and Economic Partnership Agreement (TEPA) implemented in October last year
The barriers, which were deliberated upon, include sanitary and phytosanitary measures, product registration and certification requirements, regulatory and policy frameworks, compliance costs, and issues relating to origin certification, through mutually agreed mechanisms.
“They discussed the need to address certain trade and investment barriers…through mutually agreed mechanisms so that the benefits of the Agreement can be fully realised,” the commerce and industry ministry said.
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Austria trade push
Separately, India and Austria signed and made operational a bilateral Fast-Track Mechanism, a dedicated platform for companies and investors on both sides to facilitate investments, address issues and ensure their timely resolution.
The mechanism was made operational at the India–Austria Business Forum held on the occasion of the visit of Federal Chancellor of Austria Christian Stocker, the first official visit by an Austrian Chancellor to India in over four decades.
Stocker noted that trade has reached approximately €3 billion and that around 160 Austrian firms are operating in India.
Federal Minister of Economy, Energy and Tourism of Austria, Wolfgang Hattmannsdorfer, also participated in the forum. The Indian side was led by commerce and industry minister Piyush Goyal.
“Both sides expressed intent to expand bilateral trade beyond current levels and leverage complementarities in industrial capabilities, technology and innovation ecosystems,” the ministry said.
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Discussions at the forum highlighted the importance of the proposed India–EU Free Trade Agreement (FTA) as a key enabler for scaling trade, reducing barriers and facilitating investment flows.
“The forum also identified sustainable development, advanced manufacturing and green technologies as priority areas for future cooperation,” it said.
At the 17th Session of the India–Austria Joint Economic Commission (IAJEC), both sides explored opportunities for cooperation across a range of sectors including infrastructure, scientific research and innovation, dual vocational training, skills development and recognition of vocational qualifications, startups, AYUSH and wellness, tourism, semiconductors, critical minerals, digitalisation and artificial intelligence, film funding and other trade and business-related areas.