Eu iceland trade relationship

Iceland–European Union relations - Wikipedia

eu iceland trade relationship

Describes bilateral and multilateral trade agreements that this Iceland is a member of the Agreement on the European Economic Area (EEA). US-Icelandic Trade Relations General History of Icelandic Foreign Trade The market for fresh fish on ice is in Europe, where the UK and Germany are the . The UK is Iceland's most important European trading partner and We want to ensure at least the same level of trade relations with the UK as.

In the absence of a trade agreement with the UK and given the current situation it is obvious that all the EFTA States will be affected by Brexit in a number of ways.

Machinery and mechanical appliances, vehicles, electrical machinery and precious stones and metals are the most prominent imported goods.

Iceland's Foreign Minister: EFTA countries are champions of free trade

Trade in gold, which falls under precious stones and metals, is especially relevant for Switzerland see "Explanatory notes". EFTA States' top 5 trading goods, On the export side, fish and crustaceans, as well as aluminium, are highly important export goods for Iceland and Norway, while mineral fuels are Norway's most important export.

eu iceland trade relationship

Exports of machinery and mechanical appliances are relevant for Liechtenstein, Norway and Switzerland. For Switzerland pharmaceutical products are also highly important. In a similar vein exports of optical, medical and surgical instruments are prominent for Iceland and Liechtenstein. The significance of all these categories in the EFTA States' exports points to the importance of a highly skilled work force in the respective economies.

EU-Iceland relations

For latest figures and further information see here. Explanatory notes All figures are based on preliminary data for extracted from Eurostat's Comext trade data base and Statistics Norway on 23 April Iceland Since the main focus of this publication is with trade figures as they are published in Comext database, the figures for values in trade presented for Iceland deviate from trade figures published by Statistics Iceland which are based on the UN Compilers Manual and not on the EU concept.

eu iceland trade relationship

Liechtenstein Liechtenstein maintains a customs union with Switzerland. Comext figures exclude trade between Liechtenstein and Switzerland. Figures for Switzerland also contain numbers for Liechtenstein trade double counting.

Because of the comparatively large size of Switzerland's economy to Liechtenstein, this is considered here as being negligible.

Iceland - Trade Agreements |

Norway Figures for Norway were extracted from Statistics Norway's dissemination database, since Norwegian data are currently not available in Comext. Switzerland see also Liechtenstein One peculiarity of Switzerland's imports and exports is with trade in gold see table 5, "Precious stones and metal" which has actually only a low value added and is mainly due to Switzerland's role as a platform for international trade with gold.

Iceland's tradition of whale hunting also represents a hurdle in the country's membership talks. In the EU, all ceteceans — whales, dolphins and porpoises — are protected by law. Despite an ongoing ban set up by the International Whaling Commission and opposition from several countries, Iceland currently permits commercial whaling in its waters, with a quota of fin whales for A February report by the European Commission on Iceland's accession bid stated that "steps will need to be undertaken as regards the protection of cetaceans," while an EU diplomat stressed that "if Iceland continues to practise commercial whale hunting for scientific purposes, that's going to create a political problem," reported AFP.

eu iceland trade relationship

According to Arni Thor Sigurdsson, chair of the Icelandic parliament's foreign affairs committee, whaling is an issue that divides opinion in the country yet ultimately brings no economic value, AFP stated.

Whale hunters argue, however, that that the practice represents an important tradition and boosts a struggling economy by eliminating competition from its fishing industry. Somepeople in Britain and a total ofpeople in the Netherlands lost a considerable amount of their savings due to the collapse of Landsbanki in September The application and the reception it has received send a clear and reassuring message to the outside world".

We became the victims of a tacit agreement, by all the countries with which we primarily trade and otherwise deal with on both sides of the Atlantic, that it was necessary to defend flawed financial market regulation to prevent bank runs throughout the world," Sigurdardottir said. A complete membership would threaten to take control over Iceland's biggest national resources, such as the fisheries. The Independence Party also emphasises greatly that it will ultimately be the Icelandic nation, the people, who decide if membership talks with the EU commence, and a second vote will be conducted about the result of possible membership talks.

It would show that Iceland takes European directives seriously". Tomas Heidar, the Icelandic representative at the International Whaling Commission, says that killing off whales eliminates an important competitor to the island's fishing fleet as its economy struggles and that, most importantly, it was a question of principle that the EU should respect.

Iceland starts taking part in the Schengen Agreement concerning the free movement of personsalbeit without voting rights in the Schengen Executive Committee.

eu iceland trade relationship

Icelandic parliamentary elections return a coalition of the Independence Party and the Progressive Party, with a policy of setting up a special EU committee rather than applying for membership. Due to the impossibility of financing its short-term debt, the Glitnir bank of Iceland is nationalised. The Landsbanki and Kaupthing banks follow suit. Icelandic coalition government collapses. Iceland submits application for EU membership.