Iceland’s Foreign Minister Ingibjörg Sólrún Gísladóttir signed a free-trade agreement on behalf of Iceland between the EFTA countries and Canada in Davos, Switzerland, on Saturday. It will take effect once validated by EFTA and Canada.
The agreement includes that tariffs of Icelandic products for export like seafood and agricultural products, outdoor clothing and fishing equipment, will be abolished. In return, Canada will give Iceland free access to local industrial products and certain agricultural products, Morgunbladid reports.
According to an announcement from the Foreign Ministry, the agreement will enable Icelandic companies to more easily penetrate the Canadian market. Last year the two countries signed an agreement on aviation.
In Davos, Gísladóttir also signed a declaration between the EFTA countries and India on discussing free-trade opportunities.