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Wednesday, April 24, 2024

New trade deal with India draws cheers

Norway’s national employers’ organization NHO was jubilant after the government announced a new trade deal with India over the weekend. It will mostly eliminate customs duty on Norwegian exports over the next five to nine years. India will also receive duty cuts on exports including textiles and fish feed.

“This is incredibly good news for Norwegin companies,” said NHO boss Ole Erik Almlid. “India is a very important and rapidly growing market. This agreement offers great opportunities for export and cooperation.”

It took 16 years to negotiate and is expected to especially boost Norwegian exports of salmon and fertilizer, which currently are subject to customs duty fees of between 5- and 40 percent. They will gradually be reduced to zero.

Norwegian Trade Minister Jan Christian Vestre of the Labour Party said India had also agreed to strengthen human rights, equality and sustainability. The agreement between the two countries also commits both to meet conditions of the UN’s Paris agreement on climate issues.

NewsinEnglish.no staff

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