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The WTO remains at the core of Iceland's trade policy. Iceland is fully committed to a strong multilateral rules-based trading system, including the implementation of existing disciplines and commitments. The WTO system provides legitimacy, transparency and a level playing field in international trade for all the actors in the global economy. It is necessary to strengthen the global trade system in order to move towards sustainable development and shared prosperity.

Although Iceland strongly supports multilateral solutions, it notes that plurilateral agreements can be a powerful tool for trade opening and more liberalization. In many instances, they can provide immediate benefits for trade and growth. Iceland has accordingly engaged in various plurilateral initiatives conducted in the margins of the WTO, including the Information Technology Agreement and the negotiations for an Environmental Goods Agreement. Iceland has also participated in the negotiations on a plurilateral Trade in Services Agreement (TISA) and remains committed to the conclusion of the negotiations. Furthermore, Iceland actively partakes in the plurilateral initiative to prohibit harmful fisheries subsidies. It foresees, as other participants in these initiatives, that they can, once concluded, be integrated into the WTO framework at a later stage.

The EEA (European Economic Area) Agreement covers the four freedoms; the free movement of goods, services, persons and capital, and provides that the same rules shall apply throughout the internal market of the EEA States. In addition, the Agreement covers cooperation in other important areas, such as research and development, education, social policy, the environment, consumer protection, tourism and culture. The Agreement guarantees equal rights and obligations within the internal market for citizens and economic operators in the EEA.

(...) Inclusive trade policies can contribute to advancing gender equality and the economic empowerment of women, which in turn are a fundamental driver of economic growth and prosperity, and play an important role in eliminating poverty and ensuring sustainable development. (...)

(...) Based on stock assessments by the Marine and Freshwater Research Institute (MRFI), total allowable catches (TACs) are established which are allocated to individual vessels under the individual transferable quota (ITQ) systems. In addition, a number of effort and gear restrictions apply, discards of commercial species are prohibited, and a vessel owner may not leave port without an adequate quota for the trip. (...)

Hydro and thermal power sources are abundant in Iceland and electricity prices for industrial consumers are the lowest in the EEA. (...)

Iceland, an island nation, located strategically between Europe and North America, has excellent connectivity, both by air and sea. It possesses plentiful energy resources from geothermal and hydroelectric sources, which has allowed it to have 100% renewable energy and thus one of the most reliable power infrastructures. (...)

Table 2.1 Organization of main economic and trade-related matters, 2017
Ministries and responsibilities
(...)
Ministry for the Environment and Natural Resources
Forestry and timber products
Fisheries and international trade in wild animals and plants threatened with extinction
GMOs
(...)

Box 2.1 Minister of Foreign Affairs, policy objectives in certain trade-related areas, 2015 16
International trade (...)
• Finalize WTO negotiations on environmental goods
(...)
International agreements (...)
• Participate in discussions on agreements to protect against uncontrolled fishing in the North Sea and protect biodiversity beyond national jurisdictions
(...)

During the Doha Round, Iceland has made proposals or joint proposals in the areas of services; intellectual property; fisheries subsidies; and market access, including for trade liberalization of fish and fish products. More recent communications during 2015-16 have concerned sustainable development in fisheries and on effective disciplines for fisheries subsidies. At the last Ministerial Conference in Nairobi, Iceland contributed to a joint ministerial statement on fisheries subsidies.