中华人民共和国驻冰岛大使馆经商处

Economic and Commercial Office of the Embassy of the People's Republic of China in Iceland

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Address by Commercial Counselor

January 1st 2021

Iceland is an island nation close to the Arctic Circle, with a territorial area of 103,000 square kilometers and a total coastline of 4970 kilometers, a population of 368,000, of which 228,000 live in the capital area of Reykjavík and its surrounding areas. Iceland is a member of the European Free Trade Association, European Economic Area, Nordic Council, OECD and WTO, but has not yet joined the European Union.

Since the establishment of diplomatic relations between China and Iceland in 1971, economic and trade cooperation has developed smoothly. The two countries signed the Trade Agreement Between the Two Governments, the Agreement on Promotion and Mutual Investment, and the Agreement on Avoiding Double Taxation and Preventing Tax evasion respectively in 1987, 1994 and 1996 respectively. The Agreement on the Establishment of a Sino-Iceland Economic and Trade Cooperation Joint Committee was signed in 1995. The two sides have held 12 joint economic and trade committee meetings since 1996. In the same year, the Ice-China Trade Promotion Committee was established in Iceland. The two sides signed the Aviation Agreement and the Tourism Agreement respectively in 2003 and 2004. Iceland is the first western European country to recognize China's market economy status in 2005 and the first European country to conduct bilateral free trade negotiations with China in 2006. The central banks of the two countries signed the Bilateral Local Currency Swap Agreement between China and Iceland to promote bilateral trade and investment in 2010, Which valued 3.5 billion RMB/66 billion Iceland Krona and is valid for 3 years. The two parties renewed it three times respectively in September 2013, December 2016 and October 2020. The China-Iceland Free Trade Agreement(FTA) which was signed in April 2013 and took effect in July 2014, is the first FTA signed between China and European countries. The implementation of the FTA has injected new vigor and vitality into China-Iceland trade and investment cooperation. Four meetings of the Joint Committee of the China-Iceland FTA have been held successfully so far.

Iceland is rich in hydro-power and geothermal resources with developed energy industry and abundant electricity. High energy-consuming industries such as aluminum smelting have developed rapidly in Iceland. Geothermal development and utilization technologies as well as carbon cycle and clean energy technologies are becoming more mature. The development and application of prosthetic technology is also leading the world. There are unique technical know-hows in the fields of meat processing machinery, ecological, and shipbuilding, energy-saving in Iceland.The prospect of China-Iceland economic and trade cooperation is bright.

As the representative agency of the Ministry of Commerce of China in Iceland, the Economic and Commercial office of Chinese Embassy in Iceland is willing to provide all necessary assistance and services for all parties concerned.

Welcome friends from industrial and commercial circles of China and Iceland to offer valuable comments and suggestions on our work and we sincerely thank you for your attention and support for our work.

Commercial Counsellor

The Economic and Commercial Office

The Embassy of the People’s Republic of China in Iceland