Iceland First European Country to Sign Free Trade Agreement with China

April 15 a Free Trade Agreement (FTA) between Iceland and China was signed in Beijing by Mr. Össur Skarphéðinsson, Minister for Foreign Affairs and External Trade of Iceland, and Mr. Gao Hucheng, Minister of Commerce of the People's Republic of China, in the presence of the Prime Minister of Iceland and the Premier of China. The Iceland-China Free Trade Agreement is the first FTA signed between China and a European country.

The central aim of the Iceland-China Free Trade Agreement is to promote trade by abolishing tariffs on imports and to further enhance economic ties between the two countries. The Iceland-China Free Trade Agreement is in essence similar to other FTAs that Iceland, as a member of European Free Trade Association (EFTA), has already concluded. It covers trade in goods and services, rules of origin, trade facilitation, intellectual property rights, competition and investment.

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