natgillin/translations-raw huggingface dataset:
The expansion in the mainland economy has caused record-strong employment growth, with the unemployment rate reaching a 20-year low.
The expansion in the mainland economy has caused record-strong employment growth, with the unemployment rate reaching a 20-year low.
Low imported inflation and strong increase in labour immigration has made it possible to maintain a high production level without the increase in prices and wages that might have otherwise occurred.
Low imported inflation and strong increase in labour immigration has made it possible to maintain a high production level without the increase in prices and wages that might have otherwise occurred.
Inflation has been well below the target of 2.5 per cent, and the unemployment rate is presently at 2.4 per cent.
Inflation has been well below the target of 2.5 per cent, and the unemployment rate is presently at 2.4 per cent.
In spite of the positive developments in our economy, signs of slower growth became evident, even before the events of the last weeks and months, with household consumption growth slowing down and declining residential investments.
In spite of the positive developments in our economy, signs of slower growth became evident, even before the events of the last weeks and months, with household consumption growth slowing down and declining residential investments.
In the National Budget for 2009, growth in mainland GDP is estimated at 3.1 per cent in 2008 and 1.9 per cent in 2009.
In the National Budget for 2009, growth in mainland GDP is estimated at 3.1 per cent in 2008 and 1.9 per cent in 2009.
But as the international financial crisis has grown, the uncertainty about the outlook for the world economy has increased, making short-term economic prospects for Norway more uncertain as well.
But as the international financial crisis has grown, the uncertainty about the outlook for the world economy has increased, making short-term economic prospects for Norway more uncertain as well.
General government finances are strong.
General government finances are strong.
The general government balance showed a surplus of 18.5% of GDP in 2006 and 17.5% in 2007, primarily due to revenues from the petroleum sector.
The general government balance showed a surplus of 18.5% of GDP in 2006 and 17.5% in 2007, primarily due to revenues from the petroleum sector.
Net revenues from the petroleum sector are transferred to the Government Pension Fund – Global, which is the government's instrument for converting wealth from oil and gas reserves to a broad-based portfolio of international securities.
Net revenues from the petroleum sector are transferred to the Government Pension Fund – Global, which is the government's instrument for converting wealth from oil and gas reserves to a broad-based portfolio of international securities.
The Pension Fund is fully integrated into the Fiscal Budget, and the non-oil budget deficit is covered by an annual transfer from the fund.
The Pension Fund is fully integrated into the Fiscal Budget, and the non-oil budget deficit is covered by an annual transfer from the fund.
The market value of the Government Pension Fund – Global is estimated to reach 2 316 billion NOK by the end of 2008, corresponding to close to 93 per cent of GDP.
The market value of the Government Pension Fund – Global is estimated to reach 2 316 billion NOK by the end of 2008, corresponding to close to 93 per cent of GDP.
Under normal circumstances, forecasts and predictions for future developments in the Norwegian economy would have been relatively easy to make.
Under normal circumstances, forecasts and predictions for future developments in the Norwegian economy would have been relatively easy to make.
But the events of the last days, weeks and months have shown how difficult it is to forecast developments in the global economy, and how uncertain the situation can be.
But the events of the last days, weeks and months have shown how difficult it is to forecast developments in the global economy, and how uncertain the situation can be.
The Norwegian economy is, however, fundamentally strong and should be well positioned to deal with this period of uncertainty.
The Norwegian economy is, however, fundamentally strong and should be well positioned to deal with this period of uncertainty.
The recent turmoil in international financial markets has, however, also affected Norwegian banks.
The recent turmoil in international financial markets has, however, also affected Norwegian banks.
Even if Norwegian banks are fundamentally strong, their funding situation has deteriorated.
Even if Norwegian banks are fundamentally strong, their funding situation has deteriorated.
As regular sources of funding have been drying up, the Norwegian Central Bank has increasingly provided liquidity through central bank instruments.
As regular sources of funding have been drying up, the Norwegian Central Bank has increasingly provided liquidity through central bank instruments.
In order to facilitate continued financing from the market, the Government has decided to establish a special facility where it offers government bonds to the banks against collateral.
In order to facilitate continued financing from the market, the Government has decided to establish a special facility where it offers government bonds to the banks against collateral.
This facility was authorized by the Parliament (Stortinget) last Friday, and will be operational 1st November.
This facility was authorized by the Parliament (Stortinget) last Friday, and will be operational 1st November.
This initiative, which is broadly in line with the recommendations from the G7 meeting in Washington on 10th October, does not entail an increase in state ownership of financial institutions.
This initiative, which is broadly in line with the recommendations from the G7 meeting in Washington on 10th October, does not entail an increase in state ownership of financial institutions.
This leads me to an issue which has raised some interest with many Members, namely the participation of the Norwegian State in the economy.
This leads me to an issue which has raised some interest with many Members, namely the participation of the Norwegian State in the economy.
It is estimated that the State owned around one-third of the Oslo Stock Exchange capitalisation in January 2008.
It is estimated that the State owned around one-third of the Oslo Stock Exchange capitalisation in January 2008.
The State is a major shareholder in several of the larger commercial listed companies, but only in a very limited number of companies is the State the sole owner.
The State is a major shareholder in several of the larger commercial listed companies, but only in a very limited number of companies is the State the sole owner.
The State acts as an active, long-term owner, whose main aim is to contribute to the companies’ long-term value creation and industrial development.
The State acts as an active, long-term owner, whose main aim is to contribute to the companies’ long-term value creation and industrial development.
The State’s ownership also contributes to safeguarding the public interest in Norway’s natural resources and the revenues thereof.
The State’s ownership also contributes to safeguarding the public interest in Norway’s natural resources and the revenues thereof.
An important part of the State’s ownership policy is that these companies – which also are involved in extensive international business activities – should maintain a strong base in Norway.
An important part of the State’s ownership policy is that these companies – which also are involved in extensive international business activities – should maintain a strong base in Norway.
NORWAY’S TRADE POLICY AND TRADE POLICY REGIME
NORWAY’S TRADE POLICY AND TRADE POLICY REGIME
Turning to trade policy, the most important fact to note is the significance of international trade in our economy.
Turning to trade policy, the most important fact to note is the significance of international trade in our economy.
The value of Norway’s external trade corresponds to more than 76 per cent of GDP in 2007.
The value of Norway’s external trade corresponds to more than 76 per cent of GDP in 2007.
Our high standard of living and the demands of the Norwegian population and businesses for a diverse supply of goods and services can only be met through international trade.
Our high standard of living and the demands of the Norwegian population and businesses for a diverse supply of goods and services can only be met through international trade.
Norway’s trade policy is thus an inseparable part of both our economic and foreign policy.
Norway’s trade policy is thus an inseparable part of both our economic and foreign policy.
Norway is among the most open economies in the world, with largely no tariffs for industrial products, and liberal access for foreign service providers.
Norway is among the most open economies in the world, with largely no tariffs for industrial products, and liberal access for foreign service providers.
This openness underpins our own economy, while at the same time benefiting our trading partners as well.
This openness underpins our own economy, while at the same time benefiting our trading partners as well.
Let me in this context mention the new customs legislation which has been passed by Parliament and that will be implemented on January 1 2009.
Let me in this context mention the new customs legislation which has been passed by Parliament and that will be implemented on January 1 2009.
The purpose is to modernize and simplify the legislative framework for trade, even if the substantial changes may not be that dramatic.
The purpose is to modernize and simplify the legislative framework for trade, even if the substantial changes may not be that dramatic.
It has been passed in the spirit of trade facilitation and we trust that this new legislation will provide benefits for importers and exporters alike.
It has been passed in the spirit of trade facilitation and we trust that this new legislation will provide benefits for importers and exporters alike.
It will be notified to the relevant WTO Committees in due course.
It will be notified to the relevant WTO Committees in due course.
In order to benefit from comparative advantages and economies of scale, Norwegian companies need to participate in international markets.
In order to benefit from comparative advantages and economies of scale, Norwegian companies need to participate in international markets.
Moreover, Norway’s open economy exposes domestic producers of goods and services to an increasingly globalised environment.
Moreover, Norway’s open economy exposes domestic producers of goods and services to an increasingly globalised environment.
One of the Government’s key priorities is to strengthen the international competitiveness of Norwegian goods and service producers by ensuring that the business environment remains conducive to innovation, investment and growth.
One of the Government’s key priorities is to strengthen the international competitiveness of Norwegian goods and service producers by ensuring that the business environment remains conducive to innovation, investment and growth.
A stable, rules-based trading environment is of fundamental importance for Norwegian economic operators.
A stable, rules-based trading environment is of fundamental importance for Norwegian economic operators.
At the same time, economic policies, including trade policy, must ensure that the benefits of trade and economic growth are distributed in an equitable way, both nationally and globally.
At the same time, economic policies, including trade policy, must ensure that the benefits of trade and economic growth are distributed in an equitable way, both nationally and globally.
Trade is not only essential to Norway’s own economy, but is viewed by the Norwegian Government to be of key importance to ensure global economic and political stability.
Trade is not only essential to Norway’s own economy, but is viewed by the Norwegian Government to be of key importance to ensure global economic and political stability.
Norway has taken a number of specific steps to promote trade with developing countries by implementing improvements to its Generalised System of Preferences (GSP).
Norway has taken a number of specific steps to promote trade with developing countries by implementing improvements to its Generalised System of Preferences (GSP).
These improvements were the result of a comprehensive review undertaken by the Norwegian Government, with the aim of increasing imports from developing countries and in particular from LDCs and other low-income countries.
These improvements were the result of a comprehensive review undertaken by the Norwegian Government, with the aim of increasing imports from developing countries and in particular from LDCs and other low-income countries.
Our current GSP grants 64 low-income countries, including all 50 LDCs, Duty Free and Quota Free market access into Norway for all their goods.
Our current GSP grants 64 low-income countries, including all 50 LDCs, Duty Free and Quota Free market access into Norway for all their goods.
Norwegian trade policy enjoys broad political support in the Norwegian parliament.
Norwegian trade policy enjoys broad political support in the Norwegian parliament.
Trade policy has increasingly become a topic for public debate, with the public opinion attaching great importance to the integration of developing countries into the world economy.
Trade policy has increasingly become a topic for public debate, with the public opinion attaching great importance to the integration of developing countries into the world economy.
In addition to the traditional debate on the economic merits of trade and development, emphasis is increasingly being put on such aspects as health, environment as well as food and consumer safety.
In addition to the traditional debate on the economic merits of trade and development, emphasis is increasingly being put on such aspects as health, environment as well as food and consumer safety.
The Government consults extensively with non-governmental groups, including representatives of trade and industry, labour, consumer and other interest groups.
The Government consults extensively with non-governmental groups, including representatives of trade and industry, labour, consumer and other interest groups.
Such consultations necessitate and contribute to increased transparency around trade policy formulation in Norway.
Such consultations necessitate and contribute to increased transparency around trade policy formulation in Norway.
Norwegian trade policy is based on three institutional pillars: the multilateral system of the WTO, the EEA-agreement and free trade agreements, mainly through EFTA.
Norwegian trade policy is based on three institutional pillars: the multilateral system of the WTO, the EEA-agreement and free trade agreements, mainly through EFTA.
The global character of major Norwegian exports and imports implies that the well-being of our economy is directly linked to the overall health of the world economy.
The global character of major Norwegian exports and imports implies that the well-being of our economy is directly linked to the overall health of the world economy.
Thus, the primary focus of our trade policy is the multilateral trading system embodied in the WTO.
Thus, the primary focus of our trade policy is the multilateral trading system embodied in the WTO.
Other elements of Norway’s trade policy are based on the fundamental principles of the multilateral trading system and must be seen as complementary and supplementary to our WTO commitments.
Other elements of Norway’s trade policy are based on the fundamental principles of the multilateral trading system and must be seen as complementary and supplementary to our WTO commitments.
Norway was one of the founding members of the GATT and remains strongly committed to the multilateral framework.
Norway was one of the founding members of the GATT and remains strongly committed to the multilateral framework.
A strong, rules-based system is the best guarantee against unilateralism and protectionism, and provides stability, security, transparency, and predictability for traders, and is a prerequisite for long-term global economic growth and development.
A strong, rules-based system is the best guarantee against unilateralism and protectionism, and provides stability, security, transparency, and predictability for traders, and is a prerequisite for long-term global economic growth and development.
Norway deeply regrets that it was not possible to reach agreement on modalities for Agriculture and NAMA this summer.
Norway deeply regrets that it was not possible to reach agreement on modalities for Agriculture and NAMA this summer.
While any agreement will pose serious challenges for Norway’s agricultural sector, we continue to insist that a positive outcome of the Doha Development Agenda (DDA) is essential for the global economy, for developing countries and for Norway.
While any agreement will pose serious challenges for Norway’s agricultural sector, we continue to insist that a positive outcome of the Doha Development Agenda (DDA) is essential for the global economy, for developing countries and for Norway.
We thus remain strongly committed to completing negotiations as soon as possible; building on the substantial progress that has been achieved.
We thus remain strongly committed to completing negotiations as soon as possible; building on the substantial progress that has been achieved.
Having a strong, rules-based international trading system as a primary bulwark against protectionism and unilateral approaches has hardly been more important than in this period of great global uncertainty.
Having a strong, rules-based international trading system as a primary bulwark against protectionism and unilateral approaches has hardly been more important than in this period of great global uncertainty.
Although there are no quick or easy fixes to the global food crises, economic instability or the financial crises, the best way to combat these challenges is certainly more, and better, international co-operation – not less.
Although there are no quick or easy fixes to the global food crises, economic instability or the financial crises, the best way to combat these challenges is certainly more, and better, international co-operation – not less.
The Agreement on the European Economic Area extends the internal market of the 27 EU Member States to three EFTA countries including Norway.
The Agreement on the European Economic Area extends the internal market of the 27 EU Member States to three EFTA countries including Norway.
Thus, the EEA Agreement covers approximately 3/4 of our foreign trade.
Thus, the EEA Agreement covers approximately 3/4 of our foreign trade.
The EEA Agreement covers the free movement of goods, persons, capital and services, but it is not a customs union.
The EEA Agreement covers the free movement of goods, persons, capital and services, but it is not a customs union.
In respect of Article XXIV of the GATT and Article V of the GATS the agreement is a free trade area, and there is no common customs tariff.
In respect of Article XXIV of the GATT and Article V of the GATS the agreement is a free trade area, and there is no common customs tariff.
The EEA Agreement does not include the EU's Common Agricultural Policy or the Common Fisheries Policy, but it contains provisions on various aspects of trade in agricultural and fish products, such as rules on sanitary and phytosanitary measures.
The EEA Agreement does not include the EU's Common Agricultural Policy or the Common Fisheries Policy, but it contains provisions on various aspects of trade in agricultural and fish products, such as rules on sanitary and phytosanitary measures.
As the EEA Agreement is not a customs union, trade policy towards third countries is outside its scope.
As the EEA Agreement is not a customs union, trade policy towards third countries is outside its scope.
A key feature of the EEA Agreement, which distinguishes it from most other free trade agreements, is its dynamic character.
A key feature of the EEA Agreement, which distinguishes it from most other free trade agreements, is its dynamic character.
Its common rules are continuously updated by adding new EU legislation.
Its common rules are continuously updated by adding new EU legislation.
This aspect is essential given the large output of Community legislation related to the internal market.
This aspect is essential given the large output of Community legislation related to the internal market.
Free Trade Agreements
Free Trade Agreements
The third pillar of Norway’s institutional framework for trade comprises the extensive network of Free Trade Agreements entered into by Norway and our partners in the European Free Trade Association (EFTA).
The third pillar of Norway’s institutional framework for trade comprises the extensive network of Free Trade Agreements entered into by Norway and our partners in the European Free Trade Association (EFTA).
Currently, EFTA has entered into eighteen free trade agreements and five declarations of co-operation, and several negotiations are ongoing.
Currently, EFTA has entered into eighteen free trade agreements and five declarations of co-operation, and several negotiations are ongoing.
In addition, Norway and China started bilateral negotiations on a free trade agreement this fall.
In addition, Norway and China started bilateral negotiations on a free trade agreement this fall.
Free trade agreements cannot replace the need for a multilateral trade regime.
Free trade agreements cannot replace the need for a multilateral trade regime.
We do, however, consider regional trade arrangements and free trade agreements as complementary to the multilateral regime by accommodating the need for deeper economic integration.
We do, however, consider regional trade arrangements and free trade agreements as complementary to the multilateral regime by accommodating the need for deeper economic integration.
EFTA free trade agreements have traditionally covered trade in industrial products including fish and marine products, and processed agricultural products.
EFTA free trade agreements have traditionally covered trade in industrial products including fish and marine products, and processed agricultural products.
In addition, each EFTA country has concluded bilateral agricultural agreements with each of the third country partners.
In addition, each EFTA country has concluded bilateral agricultural agreements with each of the third country partners.
During the last few years, the parties have recognised the growing importance of new trade issues and the scope of the free trade agreements has been expanded to incorporate trade in services, provisions on competition, state aid, protection of intellectual property, investments and government procurement.
During the last few years, the parties have recognised the growing importance of new trade issues and the scope of the free trade agreements has been expanded to incorporate trade in services, provisions on competition, state aid, protection of intellectual property, investments and government procurement.
AID FOR TRADE
AID FOR TRADE
Let me turn to an issue that is an essential complement to traditional trade policy – Aid for Trade.
Let me turn to an issue that is an essential complement to traditional trade policy – Aid for Trade.
We all know that access to markets is not always sufficient to take advantage of market opportunities.
We all know that access to markets is not always sufficient to take advantage of market opportunities.
Aid for Trade thus has to be an integral part of both our trade and development policies.
Aid for Trade thus has to be an integral part of both our trade and development policies.
Norway has contributed significantly to Aid for Trade programs, and will continue to do so in the coming years.
Norway has contributed significantly to Aid for Trade programs, and will continue to do so in the coming years.