Iceland´s trade policy is open and in line with international obligations
The Trade Policy Review of Iceland concluded today at the World Trade Organisation (WTO) in Geneva, Switzerland. The basis for the review was a report by the WTO Secretariat, and members of the WTO used the opportunity to comment and raise questions on Iceland‘s trade policies.
Members highlighted good progress in Iceland's economic recovery given the difficult challenges encountered in the wake of the financial crash. They welcomed in particular that Iceland had not resorted to any protectionist measures. A number of questions and comments addressed capital controls and the import structure of agricultural products (tariffs and sanitary measures). The review confirmed that Iceland's trade regime is liberal and in accordance with its international obligations.
The Trade Policy Review for Iceland takes place every six years. It facilitates discussions on current economic conditions and any significant changes made to trade policies since the previous review. This is the fourth such review for Iceland. The format allows member states of the WTO to monitor trade related developments in other member countries. The aim of the exercise is too increase transparency and create the basis for further progress in global trade.
The Icelandic delegation was led by Mr. Högni S. Kristjánsson, Director-General of Trade and Economic Affairs in the Ministry for Foreign Affairs. The delegation was composed of officials from the Foreign Ministry, the Ministry of Finance and Economic Affairs, the Ministry of Industries and Innovation, and officials from the Permanent Mission of Iceland in Geneva.