Indian authorities are prepared to begin free trade discussions with Iceland and other EFTA countries in the next 60 days and complete those discussions within one year, according to Bjarni Benediktsson, head of Iceland’s parliamentary foreign affairs committee.
Benediktsson recently arrived back from India where this matter was discussed, Vidskiptabladid reports.
Yesterday a parliamentary resolution on a validation of a free trade agreement between the EFTA countries and Canada, which was signed on January 26, 2008 in Davos, Switzerland, was on the agenda at Iceland’s Althingi parliament.
That agreement mainly involves trade on fishing and industrial products as well as the lowering or abolishment of tariffs on various agricultural products. Benediktsson said a potential free trade agreement with India would be similar as the agreement with Canada.
Iceland is also discussing free trade with China.
Apart from Iceland, the EFTA countries include Norway, Switzerland and Lichtenstein, all non-EU states.