Source: investmentpolicy.unctad.org/international-investment-agreements/by-economy#iiaInnerMenu. Agriculture and fisheries are not covered by the EEA agreement. However, the agreement underlines the parties` commitment to a gradual opening of agricultural trade, which requires the conclusion of separate agreements. Describes the trade agreements in which this country is involved. Includes resources in which U.S. companies can obtain information on how they can use these agreements. Economic relations between Iceland and the European Union are mainly governed by two agreements: a bilateral free trade agreement signed in 1972 and the EEA agreement in 1994. The EEA was created to allow Iceland to access the EU market, among others, outside the EU. Iceland`s access to the EU market in agriculture and fisheries is dealt with by separate bilateral agreements. Iceland is legally obliged to transpose into its own law all EU directives on the free movement of goods, people, services and capital.
This will be complemented by regular meetings between EU and Iceland officials, including a twice-year meeting of EEA foreign ministers.   The European Free Trade Association (EFTA) is an intergovernmental organisation that promotes free trade and the economic integration of its four members; Liechtenstein, Norway and Switzerland. The EFTA agreement regulates trade between EFTA-EEA states and Switzerland. EFTA countries have also developed a global network of free trade agreements with countries outside the European Union (EU) to ensure competitive and predictable conditions for their businesses and trading partners. Iceland has established cooperation with neighbouring countries, which includes a dialogue on security and defence issues, as well as situation awareness and search and rescue operations. Since 2007, Iceland has concluded cooperation agreements with Canada, Denmark, Norway and the United Kingdom. In addition, Iceland has regular consultations with Germany and France on security and defence. The 1951 bilateral defence agreement provided that the United States should make arrangements for the defence of Iceland on behalf of NATO and provided for the rights of U.S. forces in Iceland. In 2006, the United States announced that it would continue to defend Iceland, but without creating permanent troops in the country.
This year, the Keflavik Naval Air Station was closed and the two countries signed a technical agreement on base closure issues (for example. B facilities restitution, environmental rehabilitation, residual value) and a “joint agreement” on future bilateral security cooperation, which will focus on defending Iceland and the North Atlantic region against emerging threats such as terrorism and human trafficking. The United States has also worked with local officials to mitigate the impact of the job cuts on the air station, thanks in part to U.S. encouragement.