In order to boost economic ties with EFTA countries (Iceland, liechtenstein, Norway and Switzerland), India is working to firm up a Trade and Economic Partnership Agreement.
During a meeting between External Affairs Minister Sushma Swaraj and Iceland Foreign Minister Gunnar Bragi Sveinsson, the two leaders resolved to expand economic ties and agreed that a Trade and Economic Partnership Agree-ment would facilitate greater flow of bilateral trade. The negotiations for free trade agreement between India and EFTA was launched in 2008, but both sides are yet to firm up the pact.
To further strengthen the relations between the two countries, the two Foreign Ministers agreed to work on increasing the number of high-level official visits between the countries and advocate for further mutual visits of business delegations between the two countries.
India and Iceland decided to strengthen economic cooperation, particularly in areas of renewable energy. The two sides called for an early adoption of the Comprehensive Convention on International Terrorism by the UN to effectively deal with terror networks. Iceland reaffirmed its support to India’s bid for permanent membership at UN Security Council as well as in the multilateral export control regimes.