Context:
India-Norway cooperation is about to increase manifold in the upcoming decade.
More on the news
- Norwegian businesses are showing a lot of interest because India is the fifth-largest and fastest-growing economy in the world.
- The trade pact between India and the European Free Trade Association (EFTA) enhances business security and offers a reliable framework for Western companies operating in India.
- EFTA’s [pact with India] is the first trade treaty with an investment. Norway committed to promoting investments in India in the coming years.
Norway is keen on three sectors
- renewable energy
- maritime
- circular economy.
- A conference on marine environment and circular economy in Chennai has been scheduled, which will focus on shores, rivers and other ecosystems and how to preserve the environment.
Norway partnering with some foundations for beach clean-ups and to handle waste for environmental causes.
The European Free Trade Association (EFTA)
- It is the intergovernmental organisation of Iceland, Liechtenstein, Norway, and Switzerland.
- It was set up in 1960 by its then-seven Member States for the promotion of free trade and economic integration between its members.
- The successful waste cleaning and handling methodologies adopted in Bergen, Norway, led to a significant reduction in the concentration of microplastics.
India-Nordic Summit
- Norway is set to host the Third India-Nordic Summit by the end of this year in its capital Oslo
- The framework started with the First India-Nordic Summit held in Stockholm, Sweden, in 2018.
The Second India-Nordic Summit was in Copenhagen, Denmark, in 2022.
- The second India-Nordic summit saw the participation of Denmark, Iceland, Finland, Sweden, and Norway.
- It focused on subjects like post-pandemic economic recovery, climate change, innovation and technology, renewable energy, the evolving global security scenario, and India-Nordic cooperation in the Arctic region.