Nirmala Sitharaman highlights India's expanding trade architecture in meeting with Norwegian CEOs

New Delhi/Oslo: Finance Minister Nirmala Sitharaman on Wednesday highlighted India's expanding trade architecture and said the country provides a durable framework for trade, industrial collaboration and long-term investments.

In a roundtable meeting with prominent Norwegian CEOs and investors in Oslo, Sitharaman said her official visit to Norway has witnessed engaging and positive discussions on India as an investment destination and the fastest-growing major economy in the world.

"In the light of India's expanding trade architecture, including agreements with European Free Trade Association (EFTA), the EU, the UK and the US, the Union Finance Minister highlighted the conditions in India that provide a durable framework for trade, industrial collaboration and long-term investments," the Union Finance Ministry said in a X post.

She said that Union Budget 2026-27 also underpins the reform focus of the Government of India on easing regulatory and compliance burden for citizens and companies.

The participants appreciated the predictable policy and macroeconomic environment in India and acknowledged the reform efforts and momentum by the government, the Ministry said.

The CEO of National Investment and Infrastructure Fund (NIIF) made a presentation highlighting India's growth and reform story and the potential and scope of investment opportunities between the two countries across key sectors.

The roundtable covered deliberations around the existing and potential opportunities for business and investment cooperation across key sectors, including renewables, carbon capture, rare earths, and financial services.

Separately, Sitharaman met Norway Prime Minister Jonas Gahr Store, who said that the country is looking forward to the visit of Prime Minister Narendra Modi scheduled for later in the year and conveyed his confidence that it would further expand India-Norway cooperation.

Store appreciated India's reform momentum and said that Norway and India can collaborate in the sectors of fisheries, health tech, maritime and space.

The two leaders discussed EFTA and TEPA operationalisation and outlined key areas of collaboration between the two countries, including in areas related to high-tech manufacturing, carbon capture storage, start-ups, semiconductors, renewable energy, and waste management, among others.

India-EFTA Trade and Economic Partnership Agreement (TEPA) came into effect on October 1, 2025, while India and the U.K., in July 2025, signed the Comprehensive Economic and Trade Agreement (CETA).

In January this year, India and the EU concluded negotiations for a historic free trade agreement (FTA). Earlier this month, India and the US agreed to an interim trade deal.

Sitharaman also met Norway's Minister for Trade & Industry, Cecilie Mysreth and Even Tronstad Sagebakken, State Secretary, Fisheries and Ocean Policy, in Oslo.

The leaders discussed ways of forging deeper cooperation and exploring mutual opportunities in the areas of green tech, rare earth processing, maritime and shipping industries, and fisheries, among others, especially in the context of the India-EFTA TEPA deal.

Sitharaman said the effective operationalisation of TEPA will foster mutual benefits for both sides and that she looked forward to the timely operationalisation of the same, the Finance Ministry said.