India, Norway working on maritime agreement, to promote FTA

New Delhi, Nov 1 (UNI) India and Norway are working towards a bilateral maritime agreement to provide better commercial conditions in the Indian market for Norwegian ship owners.

Norway's Trade and Industry Minister Dag Terje Andersen, who is accompanying country's Crown Prince Haakon and Crown Princess Mette-Marit on a week-long official visit to India, said he would also promote a Free Trade Agreement (FTA) between EFTA (Iceland, Norway, Liechtenstein, Switzerland) and India.

Norway's Crown Prince and Crown Princess arrived in India on October 29 and will be here till November four.

The focus of their visit is economic cooperation between the two countries and holding discussions with the Indian government on ways to boost cooperation in energy sector, maritime, shipping and trade and investment.

Prince Haakon said that during the past three days of his visit, they had visited Agra and Mumbai and held discussions with Indian businessmen.

He said he had also discussed possibilities of cooperation between India and Norway in various sectors, including petroleum, oil and gas, tourism and maritime.

The Crown Prince said India and Norway had ''very good cooperation'' in various sectors but there was scope for deepening it.

''We would like to see that happen,'' the Prince added.

The two countries are also cooperating in cultural fields including movies, health and tourism.

The Royal couple will visit a primary health centre in Rajasthan on November three as part of the larger cooperation between the two countries to combat child mortality which is part of the United Nation's Millennium Development Goal (MDG).

Mr Andersen said an FTA with EFTA would open up ways for increased trade between India and Norway by decreasing and eliminating customs duties and other barriers.

In 2005, bilateral trade between India and Norway reached 413 million US Dollars representing a 30 per cent increase compared to the figures in 2004.

''Norway would like to see further strengthening of trade with India,'' Mr Anderson said.

He said India is an increasing market for Norwegian shipping.

More than 4000 Indian seafearers serve on Norwegian ships.

Asserting that India's political and economic importance was increasing locally, regionally and globally, he said Norway viewed India as a market with enormous potential and opportunities.

Discussions on cooperation in power sector also include hydro-power development, operation of the power system and small-scale hydro-power system.

Statkraft Norfund Power Invest (SN Power) has entered into a joint venture with the LNJ Bhilwara Group and the two will jointly operate the 86 MW Malana Hydro-Power plant and pursue the 192 MW Allain Duhangan hydro-power project in Himachal Pradesh. These are the largest Norwegian investments in any sector in India.

UNI RB PR VV1751