Iceland
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)
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)
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Export structure from Russia to Iceland
(according to the Federal Customs Service of Russia; thousand of USD)
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Major foreign trade partners of Iceland in 2013
(according to International Trade Center; thousand of USD)
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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.