India and Norway today signed a social security pact that will relieve their workers from double taxation and provide for cooperation in areas of labour market expansion and orderly migration.
India and Norway today signed a social security pact that will relieve their workers from double taxation and provide for cooperation in areas of labour market expansion and orderly migration.
Nearly 13,000 Indians currently working in diverse sectors including telecom and IT in Norway will benefit from the pact, overseas Indian affairs minister Vayalar Ravi said.
The agreement was signed by Ravi and Norway's trade and industries minister Trond Giske in New Delhi.
"This is an important milestone in further boosting our relationship with Norway. The pact will enhance movement of people between the two countries," Ravi said.
The pact will enhance movement of professionals between the two countries as well as protect workers from double payment of social security contributions, he said.
Noting that trade ties between the two countries have been on the rise, Ravi said Norway has also decided to set up an India Forum in that country to promote bilateral investment.
Ravi said migrant workers sent by Norwegian companies to their Indian subsidiaries, or those sent by Indian companies to their subsidiaries in Norway will be exempted from social security contribution.
Seeking deeper economic ties with India, Giske said the agreement will further strengthen the bilateral relations and it will play an important role to ease the movement of professionals between the two countries.
"The pact will play a very important role in further encouraging movement of people between the two countries. The people make true bridges and it is a great day to make our relationship deeper," he said.
The volume of current annual bilateral trade is around $1 billion which is expected to double in next five years.
According to the agreement, Indian professionals going to Norway on short term contract up to five years will not require to make any social security contribution provided they continue to the payment in India.
Officials said Indian workers will also be entitled to transfer their social security benefit if they relocate to India or a third country after the completion of their service in Norway.
India has signed similar agreements with Belgium, Germany, France, Switzerland, Netherlands, Luxembourg, Hungary, Denmark, Czech Republic and the Republic of Korea.
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