India and Iceland Enhance Trade Cooperation under TEPA Framework

India's Secretary Sibi George and Iceland's Foreign Minister Þorgerður Katrín Gunnarsdóttir met to enhance the Aurangabad Fisheries FDI project and advance the India-EFTA TEPA framework, effective October 1, 2025. Discussions focused on trade facilitation, investment in geothermal energy, and clean technology. Iceland's $30 million FDI in Maharashtra created 1,700 jobs, marking TEPA's first significant outcome. The agreement has led to $30 million in bilateral trade and tariff eliminations on 99% of EFTA goods.

Published Mar 23, 2026

India and Iceland are accelerating trade ties under the India-EFTA Trade and Economic Partnership Agreement (TEPA), which took effect on October 1, 2025. Secretary Sibi George met with Foreign Minister Þorgerður Katrín Gunnarsdóttir to enhance the Aurangabad Fisheries project, supported by Iceland's $30 million FDI that has generated 1,700 jobs.

AI-curated by Theia

The discussions highlighted trade facilitation, investment flows, and sector-specific partnerships, notably in geothermal energy and clean technology. Since TEPA's implementation, bilateral trade increased by $30 million, with India removing tariffs on 99% of EFTA goods.

The EFTA Investment Desk is set to streamline FDI approvals by February 2025. The partnership aligns with India's strategy to secure clean technology and high-value market access while promoting job creation.