Iceland

$
82.89
€
93.04
IMOEX
2472.26
¥
12.35

Iceland is an island country, located in the Northern Atlantic

Its territory consists of the Iceland island and other small islands.

Official language — icelandic

Capital — Reykjavik

Form of government — parliamentary republic

Head of state — president, is elected to a four-year term by universal adult suffrage. Prime minister is chosen by the president. Legislature — one-housed parliament (Althing)

Iceland is a member of the UN, NATO, EFTA and OECD.

Currency — Icelandic krуna (ISK)

Population — 0,3 million people (177th in 2013)

GDP — $14,620 billion (120th in 2013, according to The World Bank)

Market access

Tariff barriers: Iceland custom tariff

Non-tariff barriers: not declared (with regards to products from Russian as of 1st of July 2014)

Current external markets trade barriers schedule by The Ministry of Economic Development of the Russian Federation

Trade relations with Russia

Source: The Federal Customs Service of Russia

Import structure from Iceland to Russia

(according to the Federal Customs Service of Russia; thousand of USD)

Product code	Product label	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
	All products	10 589	27 749	39 666	77 458	66 745	80 715	53 940	122 581	197 290	180 663	194 958
03	Fish, crustaceans, molluscs, aquatic invertebrates nes	3 459	18 339	25 009	45 900	43 217	53 385	44 719	101 190	172 191	155 736	169 684
30	Pharmaceutical products	0	0	548	11 172	4 631	11 633	4 938	15 732	13 674	9 161	11 110
90	Optical, photo, technical, medical, etc. apparatus	57	360	445	499	435	783	764	529	1 381	3 450	3 353
16	Meat, fish and seafood food preparations nes	14	126	227	399	1 203	514	261	681	934	2 227	2 992
02	Meat and edible meat offal	483	325	137	125	222	478	0	1 143	696	3 416	2 127
89	Ships, boats and other floating structures	0	0	0	0	0	0	0	536	0	1 574	1 840
72	Iron and steel	0	78	4 089	6 780	1 042	639	0	924	1 714	11	844
22	Beverages, spirits and vinegar	5	6	5	0	0	0	0	149	577	659	784
15	Animal,vegetable fats and oils, cleavage products, etc.	2	0	6	176	132	1 271	0	378	545	578	686
84	Machinery, nuclear reactors, boilers, etc.	886	812	2 410	5 495	4 205	10 150	2 662	607	4 521	2 332	571
39	Plastics and articles thereof	104	75	48	82	144	240	96	147	75	382	351
17	Sugars and sugar confectionery	66	53	106	437	376	395	307	276	250	192	203
85	Electrical, electronic equipment	0	3	95	4 872	9 280	504	29	42	365	460	156
60	Knitted or crocheted fabric	59	45	25	31	81	61	65	103	87	131	102
73	Articles of iron or steel	0	2	19	144	45	25	21	36	86	55	58
	Other	5 454	7 525	6 497	1 346	1 732	637	78	108	194	299	97

Export structure from Russia to Iceland

(according to the Federal Customs Service of Russia; thousand of USD)

Product code	Product label	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
	All products	3 212	2 319	7 794	8 033	46 104	15 299	3 881	12 032	10 784	31 267	16 046
31	Fertilizers	816	356	434	0	0	39	0	6 665	1 634	4 630	5 943
27	Mineral fuels, oils, distillation products, etc.	852	621	0	0	40 413	6 912	0	0	52	19 883	3 828
26	Ores, slag and ash	0	0	2 348	604	1 719	2 817	2 227	3 160	5 151	2 288	2 843
44	Wood and articles of wood, wood charcoal	319	373	868	870	2 137	867	519	628	1 175	989	1 346
90	Optical, photo, technical, medical, etc. apparatus	238	309	282	543	665	663	535	603	1 047	1 030	986
40	Rubber and articles thereof	26	85	375	352	360	85	120	226	90	172	344
24	Tobacco and manufactured tobacco substitutes	62	111	89	201	193	85	157	201	127	149	134
39	Plastics and articles thereof	0	0	0	9	7	0	18	30	44	82	100
73	Articles of iron or steel	41	53	2 939	4 174	34	0	0	2	26	51	83
03	Fish, crustaceans, molluscs, aquatic invertebrates nes	30	0	233	1 002	386	0	0	0	0	461	71
83	Miscellaneous articles of base metal	0	0	0	0	0	0	0	0	2	0	71
68	Stone, plaster, cement, asbestos, mica, etc. articles	0	0	0	0	0	0	0	0	2	4	50
56	Wadding, felt, nonwovens, yarns, twine, cordage, etc.	8	23	0	0	7	0	160	355	142	243	43
84	Machinery, nuclear reactors, boilers, etc.	129	73	189	170	19	67	134	107	434	472	37
85	Electrical, electronic equipment	0	0	0	0	0	3	0	48	492	294	35
	Other	691	315	37	108	164	3 761	11	7	366	519	132

Major foreign trade partners of Iceland in 2013

(according to International Trade Center; thousand of USD)

	Country	Turnover	%
	World	9 785 103	100.0%
1	Netherlands	1 750 893	17.9%
2	Germany	1 007 219	10.3%
3	Norway	981 145	10.0%
4	USA	712 291	7.3%
5	United Kingdom	697 566	7.1%
6	China	449 428	4.6%
7	Denmark	447 166	4.6%
8	Brazil	373 841	3.8%
9	France	344 149	3.5%
10	Italy	275 886	2.8%
11	Spain	259 248	2.6%
…	…
13	Russian Federation	200 386	2.0%

Source: The Central Bank of the Russian Federation

Integration

On the 3rd of November 2013 the official ceremony commemorating the commencement of a free trade area negotiation between the European Free Trade Association (EFTA) with its member — states (Switzerland, Liechtenstein, Iceland, Norway) and The Customs Union member-states (Russia, Belarus, Kazakhstan) took place in Geneva (the Swiss Confederation). The European Free Trade Association (EFTA) — a free trade area and economic union of Iceland, Norway, Switzerland, and Liechtenstein.

Since 2011 talks between the Customs Union member-states’ joint negotiating team and the EFTA representatives have been taking place. There have been 11 rounds of talks. The latest took place in February 2014 in Moscow.

Russia-Iceland bilateral agreements

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Iceland