India-Cyprus trade: FTA talks to boost market access, innovation ties

Evagoras Vryonides, High Commissioner of Cyprus to India said, 'The 14th round of the India–EU FTA negotiations is scheduled for October 2025, which will further strengthen the bond between India and Cyprus.'

Mumbai: The 14th round of the India–EU FTA negotiations - scheduled for October 2025 - and will further strengthen the bond between India and Cyprus, will give Indian companies access to European markets.

During the visit of a high-level Cyprus government and business delegation, the World Trade Center (WTC) Mumbai and All India Association of Industries (AIAI), WTC Mumbai signed Memorandums of Understanding (MoUs) with Invest Cyprus and WTC Cyprus to foster bilateral trade and investment, reaffirming Cyprus’ role as a strategic gateway for Indian businesses into European markets and opening new opportunities in technology, research, shipping, fintech, and innovation.

“Cyprus is the gateway to other European Nations and increasing collaborations in fintech and innovation will lead to continued benefit for both India and Cyprus, with hopeful expectations of trade surpassing USD 1 billion in the future,” said Vijay Kalantri, AIAI President and Chairman MVIRDC WTC Mumbai.

“The 14th round of the India–EU FTA negotiations is scheduled for October 2025, which will further strengthen the bond between India and Cyprus. Indian business entities can set up businesses in Cyprus, manufacture or produce there, and receive preferential access in European markets,” added Evagoras Vryonides, High Commissioner of Cyprus to India.

“Cyprus today ranks 25th in the Global Innovation Index, supported by strong research institutions and projects in advanced sectors such as defence and ship manufacturing. By combining India’s global leadership in digital technology learning with Cyprus’ research expertise and professional services, both nations can build powerful synergies that drive innovation and competitiveness,” added Demetris Skourides, Chief Scientist for Research, Innovation, and Technology, Republic of Cyprus.

On the other hand, Panayiotis Chrysotomou, IGC Representative and Manager, Banking Services & Representative Offices IBB of Eurobank, said that the recent launch of the India-Greece-Cyprus Business & Investment Council in Mumbai to foster collaboration in technology, infrastructure, and finance.

“The IMEC trade, logistics, and data corridor will serve as a vital link connecting India to Europe, and Cyprus will be an essential node in facilitating its outcomes. Through the IGC platform, we are committed to ensuring that the full benefits of IMEC reach businesses across all three nations,” he added.