New Delhi: 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 here.
"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
USD 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.
-PTI
