Doing Business in Iceland

The objectives of the subject “International Trade and Business in” Iceland” are the following:

1. To analyze the Icelandic Economy and Foreign Trade;
2. To know the business opportunities in the Icelandic Market;
3. To analyze the trade relations of Iceland with the country of the student;
4. To know the Icelandic Trade Agreements;
5. To develop a business plan for the Icelandic Market.

The Subject “Foreign Trade and Business in Iceland” belongs to the following Online Higher Educational Programs taught by EENI Global Business School:

Masters (MIB): International Business, Foreign Trade.

Doctorate (DIB): European Business, World Trade.

Learning materials in + Islandia Islande Islândia.

1. Credits of the Subject “International Trade and Business in” Iceland”: 1 ;
2. Duration: one week.

Icelandic Preferential Access and Free Trade Agreements:

1. Iceland and the European Economic Area;
2. European Free Trade Association (EFTA)
   1. Iceland as a member of the European Free Trade Association (EFTA) has trade agreements with Macedonia, Albania, Mexico, Montenegro, Bosnia and Herzegovina, Colombia, Georgia, Peru, Chile, Egypt, Tunisia, Central America, the Philippines, Canada, Turkey, Lebanon, Singapore, India, South Korea, European Free Trade Association, Gulf Cooperation Council, Serbia, Morocco, Jordan, Southern African Customs Union (SACU), etc.
3. United Kingdom-Norway-Iceland Free Trade Agreement;
4. Iceland-China Free Trade Agreement;
5. Iceland-Faroe Islands Free Trade and Economic Integration Agreement;
6. Council of the Baltic Sea States (CBSS).

1. World Trade Organization (WTO)
   1. WTO General Agreement on Trade in Services (GATS);
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS);
   3. WTO Agreement on Technical Barriers to Trade (TBT);
   4. WTO Agreement on Preshipment Inspection (PSI);
   5. WTO Agreement on Safeguards (SG);
   6. WTO Trade Facilitation Agreement (TFA).
2. World Customs Organization (WCO)
   1. Revised Kyoto Convention (RKC).
3. International Bureau of Containers and Intermodal Transport (BIC);
4. International Civil Aviation Organization (ICAO, Chicago Convention);
5. International Maritime Organization (IMO)
   1. Convention Relating to Temporary Admission (Istanbul Convention) - not a member.
6. International Chamber of Commerce (ICC);
7. Convention on the Contract for the International Carriage of Goods by Road (CMR, UN);
8. Customs Convention on Containers (CCC, UN) - not a member.

European Trade and Economic Organizations:

1. Organization for Security and Cooperation in Europe (OSCE);
2. European Investment Bank (EIB);
3. European Bank for Reconstruction and Development;
4. Economic Commission for Europe (UNECE).

Global Organizations:

1. Organization for Economic Cooperation and Development (OECD)
   1. OECD anti-corruption measures.
2. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD);
   2. International Trade Centre (INTRACEN);
   3. World Intellectual Property Organization (WIPO).
3. World Bank (WB);
4. World Trade Organization (WTO);
5. International Monetary Fund (IMF).

The Republic of Iceland (Europe).

1. Icelandic Capital: Reykjavík;
2. Official Language of Iceland: Icelandic;
3. Icelandic Area: 103,000 square kilometers;
4. Icelandic Population: 323,002 people;
5. Type of Government: Parliamentary Republic;
6. Independence of Iceland: 1944 (Norway).

Religion in Iceland: Christianity Protestant Lutheran

Iceland belongs to the Western Civilization (European Economic Area).

Icelandic Economy.

1. The Republic of Iceland is a market economy with an excellent Welfare State (Universal health care and free higher education);
2. Iceland is the smallest economy of the OECD member countries;
3. Collapse of the financial system in 2008, severe economic crisis;
4. Icelandic GDP (nominal): 12,133 million dollars;
5. GDP per capita of Iceland: 37,976 dollars;
6. Currency: Icelandic króna;
7. Taxes in Iceland are quite small compared to other OECD countries;
8. Iceland lacks natural resources but has a lot of hydropower (the first country in the world of electricity per capita produce) and geothermal;
9. Aluminum casting is also outstanding, with three factories;
10. State intervention is quite strong, especially in agriculture;
11. Tourism sector represents 3% of the Icelandic GDP.

Icelandic Foreign Trade

1. Icelandic fishing industry accounts for 40% of its exports;
2. The main Icelandic exports are fish, marine products, aluminum and ferrosilicon;
3. Top Icelandic exports destinations are Netherlands (37%), the United Kingdom, Spain, Germany;
4. The main Icelandic imports are machinery and equipment, petroleum products, food products, textiles;
5. The main suppliers of Iceland are Norway (16%), the United States, Germany, China, Brazil, Denmark.

(c) EENI Global Business School (1995-2023)
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