China-Iceland Free Trade Agreements

FTA signed on April 15, 2013

On April 15, 2013, under the joint witness of Chinese Premier Li Keqiang and Icelandic Prime Minister Xizieri Zodotti, Chinese Minister of Commerce Gao Hucheng and Icelandic Foreign Trade Minister Ordos Scaffedin on behalf of their respective governments in Beijing The General Assembly has signed the “Free Trade Agreement between the Government of the People’s Republic of China and the Government of Iceland”.

First free trade agreement with European countries

The agreement is China’s first free trade agreement with European countries, covering trade in goods, trade in services, investment and many other areas.

FTA signed the scope

Two sides have made a higher commitment to trade in services than WTO commitments, and have made recommendations on investment, natural person movement, sanitary and phytosanitary measures, technical barriers to trade, rules of origin, customs procedures, competition policy, intellectual property Specific provisions.

Tariff in the FTA

In accordance with the provisions of the FTA, Iceland has imposed zero tariffs on all industrial and aquatic products imported from China from the date of entry into force of the Agreement, which accounted for 99.77% of China’s total exports to Iceland.

At the same time, China imposed zero tariffs on 7830 tariff lines imported from Iceland, which accounted for 81.56% of China’s total imports of ice, including Iceland’s rich aquatic products.

After the completion of the ice free trade area, the two sides eventually achieve zero tariff products, according to the number of tax items are close to 96%, measured by trade volume are close to 100%.

Negotiation schedule in FTA

China – Iceland’s FTA negotiations started in December 2006 and conducted four rounds of negotiations, in 2009, due to Iceland to join the EU application, the two sides suspended negotiations.

In April 2012, the leaders of the two countries agreed to restart the ice free trade zone negotiations. After two rounds of negotiations, the two sides in January 2013 the end of substantive negotiations on the agreement to reach an agreement.

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