Icelandic Times - Issue 43

Page 18

To u r i s m , C u lt u r e

and

Business

I s s u e 43 • 2019

Iceland first European nation to sign Free Trade with China

A

fter six years of negotiations, Iceland became the first European country to sign a Free Trade Agreement with China, in April 2015. The Agreement was signed by the then Minister for Foreign Affairs of Iceland, Össur Skarphéðinsson and the Minister of Commerce in China, Gao Hucheng. The formal negotiations started in April 2007 and went on until the fourth round in April 2008. However, in early 2009, in the aftermath of Iceland’s banking collapse, the Icelandic Government applied for European Union membership. As a consequence, China called for suspension of the FTA negotiations on the grounds that EU membership would invalidate such a bilateral trade agreement. When, in April 2012, Iceland’s application to the EU had come to halt, China and Iceland decided to resume the

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negotiations during the official visit of Chinese Premier, Wen Jiabao. A year later, after two formal rounds of negotiations, the FTA agreement was signed by Mr. Hucheng and Mr. Skarphéðinsson during the official visit of Icelandic Prime Minister, Jóhanna Sigurðardóttir to China.

Historical Agreement

The geopolitical importance of such a Free Trade Agreement with Iceland is historical, as it is China’s first FTA with a European country. In the aftermath, China signed an FTA with Switzerland which, like Iceland, decided against joining the European Union. The third country to decline EU membership, Norway, has not signed a Free Trade Agreement with China due to political disputes, although both countries have a vested interest in concluding a deal.

www.icelandictimes.com

Iceland’s foreign minister mentioned several areas of cooperation, among them drilling for oil in the Dragon Area in the High North of Iceland. He especially mentioned the Sinopec Group regarding the Dragon Area. However, it seems that Sinopec has shelved plans to drill for oil north of Iceland at this point. The Group, along with the Icelandic Arctic Green Energy company, owns the world’s biggest geothermal company. The Chinese government is planning geothermal heating in 400 cities. China’s commerce minister had mentioned the Northern Polar Route, which might turn out to be the most economical shipping route between Asia and Europe. Both ministers hailed the success of Sinopec Green Energy. Author: Hallur Hallsson


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Articles inside

Refreshing Vík

2min
pages 99-100

A Little Bit of Icelandic Paradise

4min
pages 96-97

The House that Disappeared

2min
page 98

A Taste of Iceland’s Wild & Sweet

2min
page 95

Stracta Hotel Hella

2min
page 94

Kirkjubæjarklaustur’s Best Kept Secret

4min
pages 92-93

Vestrahorn. A Beautiful Slice of Iceland

2min
pages 88-89

On Top of the world – Glacier Jeeps

3min
pages 90-91

Clifftop Bathing

1min
pages 80-81

EAST ICELAND

2min
pages 86-87

Soak in the Amazing Scenery

8min
pages 82-85

Akureyri Heart of the North

2min
pages 78-79

Langjokull

7min
pages 72-75

WESTFJORDS

2min
pages 76-77

REYKJANES

4min
pages 68-69

Fur Store and workshop

3min
pages 62-63

Krauma Geothermal Baths

2min
pages 70-71

Dine at Elegant Bambus Chinese Restaurant

5min
pages 64-65

Sóley Organics

4min
pages 66-67

Anna Maria Design

1min
page 61

Urta Islandica

2min
page 59

Lysi

2min
page 60

Radisson Blu Saga Hotel

1min
page 58

Special Tours

1min
pages 56-57

The Joyful Wonderland

1min
page 55

Reykjavík Excursions

2min
page 52

Nepalese cuisine comes to Reykjavík

1min
page 53

A Taste of Thai

1min
pages 50-51

An Authentic Seafood Experience

2min
pages 46-47

Isortoq

2min
pages 48-49

The All-Icelandic Wool Shop

2min
page 43

The World’s Most Exclusive Watchmaker

2min
page 42

The Quiet Elegance of Hotel Holt

3min
pages 40-41

We Specialise In Your Adventure

1min
pages 44-45

Leather Designer

1min
page 39

Yeah Man, The Dude Abides

3min
pages 34-35

The Fine Art of Knifemaking

2min
page 38

64° Reykjavík Distillery: Quality Crafted Spirits

1min
pages 36-37

The Icelandic Phallological Museum

1min
page 29

Solón Bistro

2min
page 33

Catch the Aurora Borealis All Year Round

2min
page 32

Master of Colour

1min
pages 30-31

Hafnarhúsid Museum

1min
page 28

Ásmundasalur Museum

2min
pages 26-27

Kjarvalstaðir Museum

3min
pages 24-25

Reykjavík City Museum

3min
pages 22-23

On Power: Hot in Iceland

2min
pages 16-17

Kerry's Arctic Prize and rousing speech

4min
page 11

Keflavik Duty Free

2min
pages 20-21

The Icelandic geothermal model is changing China

9min
pages 12-15

Iceland First European nation to sign

3min
pages 18-19

Iceland's key to success

2min
page 10

Innovation is key to Arctic progress

3min
page 9
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