Norwegian PM sees potential for trade growth with India
When Norwegian Prime Minister Jen Stoltenberg visited India for the first time in 2001 he found that his tax papers were being processed in Bangalore.
By Nirmala Ganapathy, TNN |
NEW DELHI: When Norwegian Prime Minister Jen Stoltenberg visited India for the first time in 2001 he found that his tax papers were being processed in Bangalore. Mr Stoltenberg explained that the tax authorities in Oslo had outsourced the work to a firm in Bangalore. “I’m a bit above average (taxpayer). You are very strict in India, and so I have to pay more taxes,” he joked.
But making a serious point, the prime minister said this kind of export is not reflected in real terms and that some of the trade statistics between India and Norway are “underestimated”. Bilateral trade has jumped by 20% in the last year. However, he admitted that there is scope for increasing bilateral trade between India and Norway.
To this effect, he said the proposal to negotiate a trade and investment agreement between India and the European Free Trade Association (EFTA), which comprises Norway, Liechtenstein, Switzerland and Iceland, is a welcome step. “It is more open trade. India and Norway and EFTA will benefit from removing obstacles. The key for economic development of Norway is trade and the key for economic development in India is trade. We should make it easy,” he said.
EFTA and India had set up a joint study group to look into the feasibility of an agreement. The sturdy group told that EFTA and India should enter into negotiations for such an agreement. A Joint Task Force (JTF) has been set up to implement the recommendations of the joint study group to negotiate trade and investment agreement. Norway sees the trade and investment agreement facilitating Norway’s exports to India. “We would like to export salmon to India,” Mr Stoltenberg said. Norway is the world’s largest salmon producer.
This apart, Norway and India are also negotiating a double taxation avoidance treaty and a maritime agreement. And Mr Stoltenberg’s visit is also aimed at increasing Norway’s presence in India. “Everyone is impressed by the economic development in India. The first time when I visited in 2001, we spoke about the potential of the great future, and now the potential has become a reality,” he said.
But making a serious point, the prime minister said this kind of export is not reflected in real terms and that some of the trade statistics between India and Norway are “underestimated”. Bilateral trade has jumped by 20% in the last year. However, he admitted that there is scope for increasing bilateral trade between India and Norway.
To this effect, he said the proposal to negotiate a trade and investment agreement between India and the European Free Trade Association (EFTA), which comprises Norway, Liechtenstein, Switzerland and Iceland, is a welcome step. “It is more open trade. India and Norway and EFTA will benefit from removing obstacles. The key for economic development of Norway is trade and the key for economic development in India is trade. We should make it easy,” he said.
EFTA and India had set up a joint study group to look into the feasibility of an agreement. The sturdy group told that EFTA and India should enter into negotiations for such an agreement. A Joint Task Force (JTF) has been set up to implement the recommendations of the joint study group to negotiate trade and investment agreement. Norway sees the trade and investment agreement facilitating Norway’s exports to India. “We would like to export salmon to India,” Mr Stoltenberg said. Norway is the world’s largest salmon producer.
This apart, Norway and India are also negotiating a double taxation avoidance treaty and a maritime agreement. And Mr Stoltenberg’s visit is also aimed at increasing Norway’s presence in India. “Everyone is impressed by the economic development in India. The first time when I visited in 2001, we spoke about the potential of the great future, and now the potential has become a reality,” he said.
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