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Overview of Iceland´s External Trade Policy. Screening Iceland Chapter 30, External Relations – Bilateral Brussels, 19 May 2011. Structure of the Presentation. Statistics – External Trade and Investment Iceland´s External Trade Policy Administrative Capacity.

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Overview of Iceland´s External Trade Policy


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    1. Overview of Iceland´s External Trade Policy Screening Iceland Chapter 30, External Relations – Bilateral Brussels, 19 May 2011

    2. Structure of the Presentation • Statistics – External Trade and Investment • Iceland´s External Trade Policy • Administrative Capacity

    3. Exports of Goods – By Market (2009) Total: 500.855 million ISK Total: 500.855 million ISK ~ €2.912 million* * Current Exchange Rate 2009: €1=172 ISK Source: Statistics Iceland

    4. Export of Goods – By Category (2009) Total: 500.855 million ISK ~ €2.912 million* Total: 500.855 million ISK * Current Exchange Rate2009: €1=172 ISK Source: Statistics Iceland

    5. Export of Goods by Category (2009) Numbers indicate million ISK Source: Statistics Iceland

    6. Export of Goods by Category (2009) EFTA FTA Partners (1) Numbers indicate million ISK Source: Statistics Iceland

    7. Export of Goods by Category (2009) EFTA FTA Partners (2) Numbers indicate million ISK Source: Statistics Iceland

    8. Import of Goods – By Market (2009) Total: 446.128 million ISK ~ €2.594 million* * Current Exchange Rate 2009: €1=172 ISK Source: Statistics Iceland

    9. Import of Goods – By Category (2009) Total: 446.128 million ISK ~ €2.594 million* * Current Exchange Rate 2009: €1=172 ISK Source: Statistics Iceland

    10. Import of Goods – By Markets (2009) Numbers indicate million ISK Source: Statistics Iceland

    11. Export of Services – By Category (2009) Numbers indicate million ISK Total: 290.464 million ISK ~ €1.689 million* * Other services: communication services, construction services, insurance services, computer and information services, royalties and license fees, personal, cultural, and recreational services and government services. * Current Exchange Rate 2009: €1=172 ISK Source: Statistics Iceland

    12. Export of Services – By Market (2009) Numbers indicate million ISK * Faroe Islands, Greenland, GCC, Colombia, Ukraine incl. Source: Statistics Iceland

    13. Import of Services – By Category (2009) Numbers indicate million ISK Total: 251.192,6 million ISK ~ €1.460 million* * Other services: communication services, construction services, insurance services, computer and information services, royalties and license fees, personal, cultural, and recreational services and government services. * Other services: communication services, construction services, insurance services, computer and information services, royalties and license fees, personal, cultural, and recreational services and government services. * Current Exchange Rate 2009: €1=172 ISK Source: Statistics Iceland

    14. Foreign Direct Investment (2009) Source: Central Bank of Iceland * Current Exchange Rate 2008: €1=127 ISK ** Current Exchange Rate 2009: €1=172 ISK

    15. FDI Flows in Iceland (2008 and 2009) Total: 80.712 million ISK (2008) €636 million* 9.374 million ISK (2009) €54,5 million** *Current Exchange Rate 2008: €1=127 ISK ** Current Exchange Rate 2009: €1=172 ISK Source: Central Bank of Iceland

    16. FDI Stocks in Iceland (2008 and 2009) Total:1.110.117 million ISK (2008) €8.741 million* 1.078.697 million ISK (2009) €6.251 million** * Current Exchange Rate 2008: €1=127 ISK ** Current Exchange Rate 2009: €1=172 ISK Source: Central Bank of Iceland

    17. FDI Flows Abroad (2008 and 2009) Total: - 374.038 million ISK (2008) - €2.945 million* 278.030 million ISK (2009) €1.616 million** * Current Exchange Rate 2008: €1=127 ISK** Current Exchange Rate 2009: €1=172 ISK Source: Central Bank of Iceland

    18. FDI Position Abroad (2008 and 2009) Total: 1.134.001 million ISK (2008) €8.929 million* 1.157.812 million ISK (2009) €6.731 million** * Current Exchange Rate 2008: €1=127 ISK ** Current Exchange Rate 2009: €1=172 ISK Source: Central Bank of Iceland

    19. Iceland: External Trade Policy (1) • External Trade Policy is the responsibility of the Government and the Minister for Foreign Affairs • International trade is at the core of Iceland’s Economic Policy

    20. Iceland: External Trade Policy (2) • One of the primary policy goals is to strenghten the competitiveness of domestic businesses in world markets by membership in the EEA, EFTA and WTO and by extending bilateral trade relations

    21. Iceland: External Trade Policy (3) • Close integration with the EU through the EEA Agreement establishes the framework within which Iceland conducts trade policy

    22. Legal Acts Defining Trade Policy • Icelandic Foreign Service Act No 39/1971 • Act on the European Economic Area No 2/1993 • The Customs Act No 88/2005 – Goods • Trade in Services and Investment Policy is reflected in number of different Acts • The Act on Public Procurement No 84/2007

    23. Legal Acts Defining Trade Policy • The Act on Investment by Non-Residents in Business Enterprises No 34/1991 • Control of Services and Items that may have Strategic Significance Act No 58/2010 – Dual Use • Act on the New Business Venture Fund No 61/1997 – Export Credits

    24. EEA Agreement • EEA Agreement • Since 1994 and one of the cornerstones of Icelandic external trade policy

    25. WTO and OECD • WTO • Joined GATT in 1968 and founding member of WTO in 1995 • OECD • Founding member (1961)

    26. EFTA • EFTA - Free trade agreements • Since 1970 • Vaduz Convention (2002) • 22 EFTA free trade agreements • Current FTA negotiations

    27. Bilateral FTAs, BIT´s and Other External Trade Policy Issues • Bilateral FTAs • Investment Agreements • 12 BITs • Other Trade Agreements • Bilateral Consultation on Trade • USA, Poland, Japan, China, Russia and Germany

    28. Iceland’s External Trade Policy Administrative Capacity

    29. Ministry for Foreign Affairs http://www.mfa.is EU Application Website http://europe.mfa.is/