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Iceland – China Free Trade Agreement

Enhance market access for Icelandic products, strengthen competitiveness, and secure international market access for Icelandic companies through the Iceland-China Free Trade Agreement. This agreement removes import tariffs, improves market access, and provides legal certainty.

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Iceland – China Free Trade Agreement

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  1. Iceland – China Free Trade Agreement

  2. WHY FREE TRADE AGREEMENT? WHY FTA WITH CHINA? Improve access to foreign markets is a core objective of Iceland’s foreign trade policy Strengthen the competitiveness of Icelandic companies and secure their access to international markets FTAs provides legal certainty for companies • The most populated country and increasing market. Growing Chinese middle class • Improved market access for Icelandic products (fish, water, etc.) to this growing market. • Import tariffs to Iceland are removed → possibility for lower prices of Chinese goods in Iceland

  3. OVERVIEW OF THE NEGOTIATIONS • First negotiating round in April 2007 • Second round in June 2007, third in October 2007 and the fourth in April 2008 • No further formal negotiations until 2012 • Negotiations back on track after official visit of Premier Wen Jiabao to Iceland in April 2012 • Fifth negotiating round in December 2012 • Sixth and final round in January 2013 • Signature of the the FTA 15 April in Beijing

  4. What does the FTA entail? • Trade in Goods –tariffs on most goods removed • Rules of Origin and Trade Faciliation • Intellectual Property Rights • Trade in Services • Investment • Co-operation • Institutional and dispute settlement provisions ----- • Joint statement on deepening bilateral cooperation between Iceland and China 

  5. Other important aspects of the FTA • The FTA provides a forum to discuss and solve problems which companies may encounter • The FTA provides easier access for Iceland to Chinese administration in the field of trade • Opportunities to extend the FTA to other areas of trade

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