These agreements represent a substantial step towards market integration between the EU and Iceland as trade will be duty-free for more than 95% of processed agricultural products and many basic agricultural products.
Currently 66.4% of EU agricultural products enter Iceland duty-free. With the new agreement, Iceland will increase the duty-free access to 91.3% of EU basic agricultural products in terms of trade value. With the agreement on GIs, the full list of 1150 agricultural products and foodstuffs protected in the EU will enjoy the same level of protection in Iceland. It expresses the willingness on both sides to promote and develop trade in quality products, benefiting farmers and industries in both Iceland and the EU.
"Our agreement in the field of geographical indications is part of our mutual commitment for a quality agriculture that preserves local products", said the Commissioner for Agriculture and Rural Development Phil Hogan. Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, Elżbieta Bieńkowska, added that "removing trade barriers between the EU and Iceland is a bold step forward; it means business opportunities for our food manufacturers and more choice and competitive price for consumers, both in Iceland and in the EU".
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