Oslo [Norway], May 20 (ANI): India and the Nordic countries on Tuesday underscored the importance of the World Trade Organisation (WTO) in the multilateral trading system and global trade governance during the third India-Nordic Summit held in Oslo.

According to a joint statement issued by the Ministry of External Affairs (MEA), the leaders acknowledged the growing economic exchanges in trade and investments between India and the Nordic countries, highlighting their role in promoting sustainable economic growth, prosperity, circular economy, bioeconomy, sustainable development and resilient supply chains.

'The leaders emphasised the importance of a continued central role for the World Trade Organization in the multilateral trading system and global trade governance. They underscored the importance of a fair, open, transparent, equitable, non-discriminatory, inclusive and rules-based multilateral trading system, with WTO at its core. They acknowledged the significant economic exchanges in the form of trade and investments between India and the Nordic countries in promoting sustainable economic growth, prosperity, circular economy, bioeconomy, sustainable development and supply chain resilience,' the joint statement said.

The statement noted that the leaders welcomed the entry into force of the India-EFTA Trade and Economic Partnership Agreement (TEPA) and progress on the India-European Union Free Trade Agreement (FTA), describing them as key steps towards facilitating trade, investment and sustainable development. The leaders also welcomed active business engagements on the sidelines of the summit and stressed the need for continued exchanges to identify new opportunities for cooperation.

'To facilitate trade and investments and contribute to the objective of sustainable development, they particularly welcomed the entry into force of the India-EFTA Trade and Economic Partnership agreement and the conclusion of the India-EU Free Trade Agreement. The leaders also welcomed the active business exchanges in the margins of the Summit and highlighted the need of continued business exchanges to identify opportunities,' said the statement.

According to the statement, the leaders highlighted that apart from enhancing market access and reducing trade barriers, the India-EU FTA and India-EFTA TEPA could strengthen economic security and resilience by diversifying critical value chains and opening new markets. They also welcomed the shared objective under TEPA, under which EFTA states aim to invest USD 100 billion and create one million direct jobs in India.

'The leaders stressed that in addition to the economic benefits by enhancing market access and removing trade barriers, the India-EU FTA and India-EFTA TEPA could support economic security and resilience through diversifying critical value chains and opening new markets. They welcomed the shared objectives under TEPA that EFTA states shall aim for investment of USD 100 billion leading to creation of one million direct jobs in India,' the joint statement said.

On maritime cooperation, the leaders agreed to strengthen collaboration in the field of maritime security and reiterated their commitment to a free, open, peaceful and prosperous Indo-Pacific in accordance with international law, including the UN Convention on the Law of the Sea (UNCLOS). The statement said the leaders looked forward to joint activities through bilateral dialogues as well as the Indo-Pacific Oceans Initiative (IPOI), in line with the vision of 'MAHASAGAR' (Mutual and Holistic Advancement for Security and Growth Across Regions).

'The leaders agreed to strengthen cooperation in the field of maritime security. They reinforced their commitment to promoting a free, open, peaceful and prosperous Indo-Pacific, in accordance with international law, including the UN Convention on the Law of the Sea. In this regard, they looked forward to joint activities through bilateral dialogues as well as the Indo-Pacific Oceans Initiative (IPOI) and in keeping with vision 'MAHASAGAR' (Mutual and Holistic Advancement for Security and Growth Across Regions),' the statement said.

The Indian and Nordic leaders also agreed to cooperate in addressing illicit maritime activities, including piracy, contraband smuggling, illegal, Unreported and Unregulated (IUU) fishing, maritime pollution and issues concerning the safety and security of seafarers. They underscored the need for vessels to comply with relevant international maritime regulations and noted the institution of Maritime Security Dialogues with Norway and Denmark.

The leaders further stressed the importance of enhanced information sharing and inter-agency coordination to ensure the safety and security of seafarers.

'The leaders will engage on addressing the growing challenge of Illicit Maritime Activities (IMA) including piracy, contraband smuggling, Illegal, Unreported and Unregulated (IUU) fishing, maritime pollution, safety and security of sea farers. They underscored the need for all vessels to comply with relevant and applicable international maritime regulations, to which they are part. The instituting of Maritime Security Dialogues with Norway and Denmark was noted. The leaders underscored the need to collaborate in ensuring the safety and security of seafarers through enhanced information sharing and inter-agency coordination,' said the Joint Statement.

PM Modi joined the leaders of Denmark, Norway, Finland, Iceland and Sweden at the summit hosted by Norwegian Prime Minister Jonas Gahr Stre. The meeting built upon the earlier India-Nordic summits held in Stockholm in 2018 and Copenhagen in 2022. (ANI)