India’s bilateral trade with Norway has increased by 28% in the year leading up to the implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA), reflecting growing commercial ties between the two countries.
The rise in trade comes as India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland and Liechtenstein, prepare to deepen market access under the agreement. The pact is expected to facilitate greater movement of goods, services and investment between India and EFTA economies.
Norway has emerged as an important trading partner for India within the grouping, with trade spanning sectors including machinery, chemicals, seafood, metals and other industrial products. The agreement is expected to provide additional opportunities for Indian exporters while improving access to EFTA markets.
Meanwhile, imports of Swiss watches into India have also recorded growth, highlighting stronger demand for premium consumer goods. Switzerland is one of the world’s leading watch-producing countries, and luxury watches form an important category in India–Switzerland trade.
The increase in Swiss watch imports comes ahead of the implementation of the EFTA pact, under which India is committed to gradually reducing tariffs on a range of products. The agreement could further influence trade flows in premium consumer and industrial segments.
The broader expansion in India–EFTA trade is expected to support diversification of bilateral commerce and create new opportunities for Indian businesses in European markets.