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Report on Iceland's international trade policy

The Ministry for Foreign Affairs of Iceland has published an extensive report on Iceland's international trade policy. The report covers a wide range of trade related topics and gives an overview of Iceland’s free trade agreements and improved market access for Icelandic exporters worldwide.

The report summarises the WTO framework and Iceland’s policies in the multilateral trade arena and highlights the challenges caused by the COVID-19 pandemic and the actions taken by the Ministry for Foreign Affairs to limit the damage and assist Icelandic enterprises during the pandemic.

Guðlaugur Thór Thórdarson, Minister for Foreign Affairs and International Development Cooperation of Iceland, says that despite the shock of the pandemic Icelanders continue to enjoy the benefits of tree trade, whether in the form of increased variety of available goods and lower consumer pieces or increased tax revenues from enterprises that sell goods and services in foreign markets.

"Free trade is the foundation of Iceland’s prosperity. Safeguarding the institutions and agreements that have enabled us to promote international trade is essential for Iceland’s continued prosperity and growth," says Gudlaugur Thór Thórdarson, Minister for Foreign Affairs and International Development Cooperation of Iceland.

The report gives an overview of various other agreements which serve an important role in ensuring Iceland’s foreign trade interests, including double taxation agreements, investment agreements and air transport agreements.

The report discusses some key trends impacting the development of international trade in the future. While Iceland’s traditional markets nearby will continue to be important it is important to closely monitor developments in new markets with their fast-growing middles classes and new consumer habits.

The report also looks to the Arctic region and actions required to address changes that are taking place there in the next few years.

Iceland’s International Trade Policy – English Summary
Iceland’s International Trade Policy – Full report (only in Icelandic)

 

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