Strategic partnership grows as TEPA takes effect for India, Iceland

Delhi, September 23 – The Trade and Economic Partnership Agreement (TEPA) that came into force this year between India and the European Free Trade Association (EFTA) nations is now reshaping the relationship with Iceland, according to Ambassador Benedict Hoskulsson.

Hoskulsson explained that the agreement has unlocked fresh avenues for collaboration, beginning with a series of three workshops in Delhi, Hyderabad and Chennai aimed at boosting tourism flows between the two countries. Early indicators show an uptick in travel interest and joint marketing initiatives.

A special program in New Delhi highlighted Icelandic seafood, creating a platform for Indian importers and Icelandic exporters to forge new contracts. The event also coincided with Icelandic investment in India’s maritime sector, underscoring confidence in India’s expanding market.

The ambassador described India as a “fast‑developing market” that will become increasingly central to Iceland’s strategic outreach in Asia. He noted India’s rapid economic and technological strides over the last ten years, which have amplified its influence on the world stage.

In the environmental arena, Iceland and India are working together on two priority areas. First, Iceland’s century‑long experience with geothermal energy is being adapted to low‑temperature applications that could benefit northern Indian states and Himalayan communities. Second, Iceland’s two‑decade leadership in carbon capture, utilization and storage (CCUS) is being transferred to Indian industries such as steel, petrochemicals and cement, where reducing emissions is a critical challenge.

Current CCUS technologies allow carbon dioxide to be stored safely in basalt rock formations and to be converted into e‑methanol using hydrogen – a potential low‑carbon aviation fuel. Hoskulsson emphasized that these initiatives demonstrate how TEPA is laying the groundwork for a durable, mutually beneficial partnership.