Trade Agreements Iceland

by admin on October 11, 2021

Iceland is a member of the European Free Trade Association (EFTA) and therefore has access to the markets of Norway, Switzerland and Liechtenstein as well as to the EU market through the EEA Agreement. The 1994 EEA Agreement brings together the EFTA and EU Member States into an internal market with free movement of goods, capital, services and persons. The agreement also provides for duty-free trade in industrial products originating in countries that are part of the agreement and reduced or eliminated tariffs on processed agricultural products and seafood. Iceland concluded a bilateral agreement with the EU in 1972, with reduced or zero tariffs on Icelandic seafood exported to the EU. In 2018, an agreement between Iceland and the EU on the reduction or elimination of tariffs and the increase of tariff quotas for unprocessed agricultural products entered into force. Under the agreement, Iceland has dropped tariffs on more than 340 categories of unprocessed agricultural products and reduced tariffs on more than 20 categories. US agricultural products exported to Iceland are subject to tariffs 30% higher than EU products. The deal offers certainty that UK companies trading with Iceland and Norway will be able to continue in a no-deal scenario without additional tariffs. The Free Trade Agreement between Iceland and China entered into force on 1 July 2014.

Describes the trade agreements involving this country. Contains resources for U.S. companies to obtain information on how they can use these agreements. As the UK`s largest exporter in manufacturing, the successful conclusion of agreements with important EEA/EFTA trading partners is good news. The chemical industry supports global trade duty-free and fair trade and, after the period of uncertainty caused by the Covid 19 pandemic, our sector looks forward to contributing to the recovery of the UK economy. Last year, British trade with Iceland and Norway was worth £27 billion, including more than £20 billion in goods. As a member of the European Free Trade Association (EFTA), Iceland is striving to conclude a bilateral free trade agreement within the framework of EFTA. This means that Switzerland, Norway, Iceland and Liechtenstein can negotiate, through EFTA, a free trade agreement with a third country. Iceland`s economic and trade relations with the EU are mainly governed by the Agreement on the European Economic Area (EEA). (a) Protocol No 6 to the 1972 Free Trade Agreement between Iceland and the EU (then EEC): Protocol No 1972. 6 of the 1972 Free Trade Agreement between Iceland and the EU (then EEC) provides for tariff preferences for the import of Icelandic fishery products into EU markets. The preferences granted under Protocol 6 shall remain in force in so far as they allow better access to the market than those provided for in Protocol 9 to the EEA Agreement.

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