India, Iceland discuss bilateral ties, India-EFTA TEPA implementation

Secretary (West) Sibi George met Iceland's Foreign Minister to discuss bilateral interests and the India-EFTA TEPA. They reviewed positive progress in sectors like geothermal, fisheries, and clean energy, and discussed the trade pact's implementation.

Secretary (West), Ambassador Sibi George, on Sunday called on Iceland Foreign Minister Thorgerdur Katrin Gunnarsdottir to discuss issues of bilateral, regional and multilateral interest and the implementation of India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), according to the Ministry of External Affairs (MEA).

In a post on X, MEA spokesperson Randhir Jaiswal said, "Secretary (West) @AmbSibiGeorge called on Foreign Minister of Iceland, Thorgerdur Katrin Gunnarsdottir. They discussed issues of bilateral, regional and multilateral interest, also the positive progress made in bilateral engagement in recent years, especially in sectors such as geothermal, fisheries and clean energy. The implementation of India-EFTA TEPA was also discussed." The post said that both officials discussed issues of bilateral, regional and multilateral interest and also the positive progress made in bilateral engagement of India and Iceland in recent years. The discussion was based especially in sectors such as geothermal, fisheries and clean energy.

India-EFTA Trade and Economic Partnership Agreement (TEPA)

Earlier on March 10, the India-EFTA Trade and Economic Partnership Agreement (TEPA) completed two years, continuing to strengthen cooperation between India and the European Free Trade Association (EFTA) in areas such as trade, investment, and technology collaboration. The agreement between India and the member States of the European Free Trade Association, Iceland, Liechtenstein, Norway and Switzerland, the partnership has moved from negotiation to implementation with effect from October 1, 2025. According to a statement released by the Ministry of Commerce & Industry, "The Agreement brings together India and a group of advanced European economies in a framework that supports trade, investment, services, technology collaboration and long-term industrial growth."

Strengthening India's Global Trade Network

Prime Minister Narendra Modi has said: "Over the last few years, we have built a strategic and purposeful network of Free Trade Agreements. We now have FTAs with 38 partner nations." "This gives our manufacturers and producers enough diversity and depth to sell our products across many markets. These FTAs have opened up the markets of major economies to India's manufactured products," he added.

Economic Benefits and Future Prospects

On the 2nd Anniversary, Union Minister of Commerce and Industry Piyush Goyal stated, "India-EFTA TEPA is an agreement with a long-term economic purpose. It gives Indian exporters access to high-income markets, creates an investment pathway of USD 100 billion over 15 years."

The India-EFTA TEPA is one of India's most significant trade arrangements with a group of high-income and innovation-driven economies. Along with India's other trade agreements and ongoing trade negotiations, it forms part of a wider effort to expand opportunities for farmers, fishermen, MSMEs and start-ups, while supporting investment and job creation across sectors. (ANI)

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