Periodic review Iceland’s economic policy at the World Trade Organization (WTO) in Geneva, Switzerland, was completed today. The forum gave member states an opportunity to comment and ask questions about Iceland's business policy, as stated in a press release from the Icelandic Ministry for Foreign Affairs.
Member states concluded that Iceland had succeeded in dealing with the difficult economic conditions that developed following the 2008 banking collapse and that the Icelandic business environment is open and trade policy in accordance with international commitments. Iceland was praised for not having implemented trade barriers in the wake of economic difficulty.
This was the fourth trade policy review, which takes place every six years, to be conducted of Iceland. Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals.
Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country’s size, as stated on the WTO website.
Head of the Department of External Trade at the Icelandic Ministry for Foreign Affairs, Högni S. Kristjánsson, attended the meeting in Geneva along with representatives from the Ministry for Foreign Affairs and the Ministry of Industry and Innovation and the Ministry of Finance and Economic Affairs.