India, Norway to ink pact to boost bilateral trade

​New Delhi: India and Norway will sign an agreement on Tuesday to facilitate dialogue to boost bilateral trade, which currently stands at $1.2 billion. Norwegian Prime Minister Erna Solberg is currently on a 3-day visit here. Addressing the India-Norway business summit, Solberg said Norway sees great scope for partnerships with India in business, trade, and investments and the country's new strategy for engagement with India reflects its significance.

"The aim of the new strategy is to strengthen Norway's bilateral relations and economic ties with India. Private sector engagement, research and technical cooperation are key components of the strategy," she said. Commerce Minister Suresh Prabhu said while addressing summit said, "we should try to think about how we can increase it (bilateral trade) substantially in the next few years’ time and therefore, tomorrow we will be signing (an agreement to facilitate) a dialogue between India and Norway, between my ministry and my counterpart ministry to actually take it to a new level".

"I am sure the dialogue will ensure that we look at all possible solutions to take it (trade) forward and make it better," he added. "We also look forward to signing an FTA, there are several rounds (of negotiations) which have taken place, you are a part of the grouping (EFTA) and we really look forward to that concluding soon which will provide a framework for bilateral trade to grow," Prabhu said.