Report by the WTO Secretariat

Since the last Trade Policy Review of Iceland in 2012, a number of significant changes to its trade policy have been introduced. Tariffs on non-agricultural goods were fully eliminated and tariffs on some agricultural goods were also reduced. In addition, a number of measures were undertaken and projects are currently under way to improve customs procedures and new free trade agreements have been signed. On the other hand, although new regulations for the agriculture sector took effect in 2017 for the period 2017-2026, the sector continues to be protected by high tariffs and supported by subsidies. In addition, foreign investment restrictions remain in some sectors, notably fishing and energy.