Home / Business and Economy / India-Iceland Pact Opens Duty-Free Agri Exports
India-Iceland Pact Opens Duty-Free Agri Exports
7 Mar
Summary
- India-EFTA free trade agreement active since October 2025.
- Icelandic firm invests $30 million in Indian fishery sector.
- Duty-free access for Indian agri-products in Iceland is now available.
The India-EFTA Trade and Economic Partnership Agreement (TEPA), enacted on October 1, 2025, is fostering new trade avenues. Iceland is showing keen interest in expanding collaborations with Indian companies in sectors such as fisheries, clean energy, and innovation.
An Icelandic company has committed a $30 million investment in the Indian fishery sector, specifically in Maharashtra, which is expected to create approximately 800 to 1000 jobs in Aurangabad. India's Ambassador to Iceland highlighted potential for Indian exporters in textiles, coffee, and pharmaceuticals.
TEPA offers Indian agri-exporters significant advantages in Iceland, with many products like rice, fish, and processed vegetables now entering duty-free. Previously, these items faced tariffs ranging from 10% to 220%, making them less competitive. This tariff removal is poised to unlock new market access in Iceland's high-income economy.
