Iceland has an extensive Free Trade Agreement with China, signed April 15, 2013.
Combined with Iceland‘s membership of the common European Market, its ideal location between North America and Europe, as well as an advanced business environment and infrastructure, this FTA opens new opportunities for investors seeking to export to the world‘s fastest growing market.
Iceland as a Production Site for Imports to China
This FTA opens up a range of new opportunities for investors from the US, Canada and Europe interested in the fast growing Chinese market, as well as Chinese investors, looking for opportunities to sell their products and services to Europe.
The benefits of producing in Iceland are even larger for goods subject to special measure tariffs. Special measure tariffs can apply, in addition to the general customs tariffs, for a range of products. This includes anti-dumping, anti-subsidy and safeguard measures.
Rules of Origin
To enjoy free trade according to the FTA, goods must fulfill at least one of the following rules:
- Be wholly obtained or produced entirely in Iceland
- Be produced from Icelandic materials
- Change tariff classification due to local process or exceed minimum regional value content.
- Further information on the FTA from the website of the Icelandic Ministry of Foreign Affairs
- Full treaty text