RESTRICTED  
  
WT/TPR/G/361  
30 August 2017  
(17-4580) Page: 1/9 
Trade Policy Review Body   Original: English  
 
 TRADE POLICY REVIEW  
REPORT BY  
ICELAND  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by Iceland  
is attached.  
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the first 
session of the meeting of the Trade Policy Review Body on Iceland . WT/TPR/G/361 • Iceland  
 
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  Contents  
 
1   INTRODUCTION  ................................ ................................ ................................ ..........  3 
2   ECONOMIC DEVELOPMENT  AND PROSPECTS  ................................ ...............................  3 
2.1   Lifting of Capital Controls  ................................ ................................ .............................  4 
2.2   New Act on Public Finance  ................................ ................................ ............................  4 
2.3   Tax and Customs Reforms  ................................ ................................ ............................  5 
2.4   State Ownership  ................................ ................................ ................................ ..........  6 
2.5   Gender Equality in Iceland  ................................ ................................ ............................  6 
3   TRADE POLICY  ................................ ................................ ................................ ............  7 
3.1   WTO ................................ ................................ ................................ ..........................  7 
3.2   EFTA ................................ ................................ ................................ ..........................  7 
3.3   EEA ................................ ................................ ................................ ...........................  8 
3.4   Bilateral Agreements  ................................ ................................ ................................ .... 8 
3.5   Gender and Trade  ................................ ................................ ................................ ........  8 
 
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  1  INTRODUCTION  
1.1.  Iceland submits this statement as part of Iceland 's fifth Trade Policy Review.  
1.2.  Trade, especially external trade, is of vital importance to the economy  of Iceland. For a low - 
and sparsely populated remote island in the far north, faced with difficult topography and climate, 
there is simply no substitute for free, fair and mutually beneficial trade.   
1.3.  In 2016, Iceland had a trade to GDP ratio of 91.6%. Im ports of goods and services amounted 
to 42.5% of GDP and the exports of goods and services reached 49.1% of GDP. Accordingly, 
international trade remains at the core of Iceland´s economic and foreign policy.  
1.4.  One of Iceland 's primary goals in international  trade is to promote and strengthen the 
competitiveness of domestic businesses in world markets and abolish barriers to trade by 
extending and deepening its multilateral and bilateral trade relations. Iceland is fully committed to 
furthering trade liberali zation under a WTO centred  multilateral trading system and actively 
supports a fa ir, open and rule -based system.  
1.5.  Iceland experienced a severe recession in 2008 following the collapse of its banking sector 
and since then economic policy has been oriented to wards stabilising the economy. The report 
submitted during the last Trade Policy Review in 2012 covers the policy steps taken towards 
recovery, but throughout the recovery there was a broad political consensus on the key essentials 
of a market economy and the pre servation of the welfare state.  
1.6.  Today, less than a decade after the collapse, Iceland 's economy is performing strongly, with 
robust growth, low inflation, rising reserves, fiscal and current account surpluses and a decline in 
the public debt levels,  as well as full employment. The capital controls installed due to the crisis 
have mostly been lifted and Iceland is once again embracing financial openness.  
1.7.  The economy is considered to be on a firm footing with the high growth numbers, largely due 
to tourism, private consumption and investment. The risks faced by the economy include the 
continued appreciation of the currency, overheating and capital flows. Also, Iceland 's most 
important economic partner, the EU, has been experiencing some challenges. Goi ng forward, 
maintaining a close economic and trade relationship with the UK following Brexit is a primary goal 
of the Icelandic Government.  
2  ECONOMIC DEVELOPMENT  AND PROSPECTS  
2.1.  Iceland has fully recovered the output loss sustained in the wake of the 2008 fi nancial crisis 
and has enjoyed robust economic growth in recent years, which is assumed to have peaked at 
7.2% in 2016. The growth is projected at 6% in 2017 and 3.3% in 2018. Subsequently, growth is 
expected to slow down and remain stable at around 2.6% t hrough to 2022, according to a May 
2017 forecast by Statistics Iceland. The growth has mainly been driven by exports, investment 
and private consumption.  
2.2.  Private consumption has been picking up and grew by 6.9% in 2016 and is expected to 
increase at the sa me rate in 2017. It stood at 49% of GDP in 2016, well below the pre -2008 
average of 55 -60%. Households ' disposable income has risen sharply and real disposable income 
has grown by an average of 7.5% per year since 2014. Households have taken advantage of t he 
favourable environment and strengthened their balance sheets and stepped up savings while 
private co nsumption has been increasing. Businesses have also reduced their debt and the ratio of 
private sector debt to GDP has been declining steadily since the aftermath of the crisis in 2008.  
2.3.  Investment has grown considerably in recent years after being low in historic context 
between 2009 and 2014. It grew by almost 23% in 2016 after nearly 17% annual growth in 2015. 
The main driver is residential investment, g rowing by almost 34% and business investment with 
25% growth. The growth in business investment is mainly due to increases in sectors related to 
transport and tourism. Investment was 21% of GDP in 2016 and was very close to its long -term 
average. Public co nsumption was 23% of GDP in 2016 and was also on level with the long -term 
average.  WT/TPR/G/361 • Iceland  
 
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  2.4.  The tourist sector has experienced strong growth in recent years. Tourism grew by more than 
37% in real terms in 2016 and was around four times higher than in 2010. The tour ist sector is 
now the country 's largest export sector, with a larger share of export earnings (39% in 2016) than 
the fishing industry and aluminium  industry combined. This rapid development, which obviously 
has a huge positive impact, is also accompanied b y a number of challenges. Almost 1.8 million 
tourists visited Iceland in 2016 and forecasts predict a continued increase this year. This increase 
in tourism has a major impact on the environment, the housing market, the labour market and 
most infrastructur es. 
2.5.  Inflation was 1.9% in 2016. It has measured below the Central Bank 's inflation target for 
more than three years now, and is not expected to change until 2018. The reasons for low inflation 
in recent years are particularly favourable  external conditions , low international inflation and 
exchange rate appreciation. The housing component of the consumer price index is really the only 
factor that has driven inflation. Strong demand on the housing market has reflected in rising 
housing prices and in March 201 7 the year -on-year increase measured 21% in the capital.     
2.6.  Since 2011, wages have risen quite sharply. The accumulated increase in the wage index 
over the years 2015 and 2016 is over 19%. Despite the large wage increase, inflation has 
remained low in the  current upswing and therefore the increase in purchasing power has become 
more substantial. The increase in purchasing power last year was 9.5% compared to the previous 
year. At the same time, unemployment has been falling. It measured at 3% in 2016 and i s 
expected to be lower this year, or 2.8%. Long -term unemployment, i.e. the proportion of those 
unemployed for more than a year has almost disappeared, and was only 7% of the total number of 
unemployed in the last quarter of 2016. Labour market participati on was 83.6% in 2016 and 
remains high in an international context.  
2.7.  The ongoing growth period is rather unique in Iceland's economic history as it has lasted over 
six years and yet the internal and external balance of the economy remains preserved. There i s a 
substantial surplus on the current account (8% of GDP in 2016) and the net international 
investment position has improved substantially. Iceland is now a net lender rather than a net 
borrower for the first time since measurements began. This environmen t led to substantial 
exchange rate appreciation in 2016, especially in the last six months of the year, as growth in 
tourism increased and the GBP depreciated following the Brexit referendum. The króna has 
continued to appreciate in 2017, albeit more gradu ally.  
2.8.  The current short -term goals of economic policy include maintaining stability, as the 
collective bargaining agreements concluded in 2016 go counter to the goal of price stability. 
However, the agreements have not yet transmitted into inflation as ex ternal factors, such as low 
oil prices and low international inflation, along with an appreciating exchange rate, contribute to 
low domestic inflation. International economic developments and geopolitical factors can also 
influence the forecast, especially  low inflation and low policy rates in main trading countries, which 
affect domestic inflation and capital flows to and from the country.  
2.1  Lifting of Capital Controls  
2.9.  The capital controls imposed after the financial crisis have now essentially been li fted. The 
three - stage plan to remove capital controls has been a success and capital controls were lifted on 
individuals, businesses and pension funds in March 2017. The only remaining restrictions on capital 
outflows regard offshore króna assets and transactio ns that may give rise to carry trading.  
2.10.   Credit rating agencies responded positively to the capital account liberalization. Standard & 
Poor's (S&P) raised the long -term ratings on Iceland from A - to A on 17 March 2017. Fitch and 
Moody 's have assessed the p rospects of an upgraded credit rating as positive.  
2.2  New Act on Public Finance  
2.11.   On 1 January 2016, a new act on public finance (the Organic Budget Law, OBL) entered into 
force in Iceland. The act proceeds  the Financial Reporting Act (FRA) of 1997. The FRA had  many 
good features, such as being relatively comprehensive. It was appl icable not only to the central 
Government 's budget but also to all of the e ntities and corporations under G overnment control, 
included a c lear categorization of central G overnment inst itutions for the purpose of financial WT/TPR/G/361 • Iceland  
 
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  management and control, and specified the required content of key financial documents, including 
the annual budget and final accounts. However, it had some key weaknesses that prevented it 
from providing a credible, in tegrated framework for budgeting. Iceland's  emergence from the 
economic crisis provided a unique opportunity to revisit the laws and procedures that shaped fiscal 
decision -making over past decades. The objectives of the OBL are to address the aforementione d 
gaps, loopholes and inconsistencies in the FRA that contributed to the fiscal indiscipline before the 
crisis. This includes ensuring a comprehensive scope of fiscal policymaking in the long -term and 
the short -term, improving fiscal coordination between d ifferent parts of the public sector and 
providing a firm legal foundation for sustainable fiscal policy going forward.  
2.12.   The act preserves fiscal discipline, restores fiscal sustainability and prevents a reversion to 
the more permissive practices of the pas t. The OBL covers the public sector as a whole and 
promotes a disciplined and policy -oriented approach to budget decision -making by reducing the 
number of appropriations, adopting a top -down sequence to budget preparation and approval, and 
increasing minis terial responsibility for budget management.  
2.13.   Since the OBL entered into force, two Fiscal Policy Statements and two Fiscal Strategy Plans 
have been introduced on the basis of the new law. The implementation of the OBL is currently a 
key priority in the Mi nistry of Finance and it will continue to be so. Line ministries, agencies, the 
PMO and Parliament also play a key role in the OBL.  
2.3  Tax and Customs Reforms  
2.14.   The report submitted by Iceland in connection with the 2012 Trade Policy Review highlights 
the most  relevant measures introduced by the Government from mid -2009 to end -2011, in the 
wake of the collapse of the Icelandic banking system and the severe crisis of 2008. These 
measures, driven by the need for fiscal adjustmen t, were successful in bringing G overnment debt 
back down to a sustainable level.  
2.15.   From 2013 –2017, the Government adhered to the general policy of stimulating production 
in society as a means to improve economic conditions for the general public and industries. This 
policy included a plan to simplify the tax system and introduce such incentives as the reduction of 
taxes on income and trade in goods and services. The plan was to be administered in close 
connection with other important economic measures, such as the lifting of capital controls a nd the 
collective bargaining of wages and other terms of employment. The Government also aimed at 
making changes to the tax system more predictable and to make the system as a whole more 
stable.    
2.16.   Changes to personal taxation since 2012 have been moderate , although the number of 
income tax brackets was reduced from three to two in 2017. The net wealth tax expired in 2015. 
The tax rate for capital income and capital gains has stayed at 20% since 2011, as has the 
corporate income tax rate. Social security co ntributions paid by employers have been gradually 
reduced back towards pre -crisis level and stand at 6.85% in 2017. New tax incentives include 
numerous measures supportive of R&D activities and innovation. From 2017, tax relief is granted 
to foreign  specia list employees. In 2016, a tax allowance was introduced for individuals ' 
investment in innovation companies and the ceiling for refundable R&D tax credit for businesses 
was raised threefold.  
2.17.   With a new act on stamp duty in 2014, the tax was simplified and  is currently only levied 
upon the official registration of documents conferring title in connection with ownership of real 
property and ships. The fiscal adjustment process after the crisis prompted the introduction of new 
taxes on the financial sector: a  Bank Levy in 2011 and in 2012 a Financial Activity Tax (FAT) on 
salaries paid by financial companies and insurance companies, currently 5.5%, together with a 6% 
special income tax on high profits of the same companies. The Bank Levy, initially 0.041% of t otal 
debt with no tax -free threshold, was in 2014 raised to 0.376% above a ISK 50 billion threshold.   
2.18.   In relation to indirect taxation, reform has aimed at improved revenue efficiency of VAT and 
elimination of outdated, distortive taxes. Along these lines , in 2015 the commodity tax on 
numerous goods and sugary foods was abolished and the VAT rate gap was decreased by lowering 
the standard rate from 25.5% to 24%, and raising the reduced rate from 7% to 11%. In 2016, the 
VAT base was broadened to include pas senger transport and other tourist services previously WT/TPR/G/361 • Iceland  
 
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  exempt, now subject to the 11% reduced rate. In September 2017, the occupancy tax of 2012 will 
be raised from ISK 100 to 300 per unit. A carbon tax on all liquid fuels and LPG, and a resource 
tax on ho t water were adopted in 2010. The temporary resource tax on electricity expired in 2016.  
2.19.   In 2016, custom duties levied on import of clothing and shoes were abolished. In 2017, 
custom duties on import of all industrial products in chapters 25 –97 of the Icel andic Tariff 
Schedule were abolished leaving only the following goods subject to customs duties upon import to 
Iceland: meat products, some fish, dairy products, birds ' eggs, live plants, edible vegetables and 
certain roots and tubers, animal fodder and an imal feeding ingredients and cereals, potato flour, 
meal, etc., preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates, 
some sweets, some cocoa and cocoa preparations, some preparations of vegetables, fruit, nuts or 
other parts of plants, some miscellaneous edible preparations, some waters, beers, wines and 
sodas, and some residues and waste from the food industries.  
2.20.   The present Government has set its policy goal on stability and for esight. Its course of 
direction  is toward s desirable living conditions, equality, human rights, diversity, freedom and 
responsibility. The Government views the tax system as a mechanism for income generation and 
its role is to finance public expenditure. As such, the Government plans to strengthe n the system 
as a whole with emphasis on measures to prevent and eradicate tax evasion and prevent the 
deterioration of the tax base. Special attention will be paid to tax havens. A fair and simple tax 
system reduces the need for concessions and exemptions  and increases competitiveness of 
Icelandic companies at the international level. In its review, the Government intends to guarantee 
fair taxation of self -employed persons and SME 's and improve coordination of environmental taxes.  
2.4  State Ownership  
2.21.   A number of developments have taken place since Iceland' s last Trade Policy Review in 
relation to state ownership.  
2.22.   The Government has merged the five small regional savings banks, in which the state held a 
majority share, with Landsbanki hf., in which the state hol ds just over 98% of the shares.  
2.23.   In addition, the entire holding of Glitnir hf. in Íslandsbanki hf. was transferred to the state 
effective as of 2016, as part of Glitnir 's stability contribution to the state in connection with the 
comprehensive capital acco unt liberalization strate gy devised by the authorities. As a result, as of 
2016 Íslandsbanki is 100% state -owned. The shares of Arion banki hf. are, however, 13% state -
owned.  
2.5  Gender Equality in Iceland  
2.24.   In the World Economic Forum 's Global Gender Gap Report  from 2016, Iceland is ranked 
number one as in previous years. Participation in the labour market by both men and women has 
always been at a high level in Iceland and the participation of women in the labour market in 
Iceland is the highest among OE CD coun tries. 
2.25.   The present Government states in its platform from August 2016, that it will emphasize 
equal rights. The Parliament agreed on a new action plan in September 2016 for the period of 
2016-2020. The action plan introduces 21 projects to be implemented w ithin the timeframe. The 
Government has highlighted gender mainstream ing as a key method within the G overnmental 
sector in accordance with the Act on Gender Equality (No. 10/2008, Art. 17).1  
2.26.   Bridging the gender pay gap is a priority in the Government 's programme on gender 
equality. In 1961, Iceland adopted an Act on Equal Pay for Equal Work. Challenges identified for 
the gender pay gap include: gender segregated workforce, additional wage payments for men, low 
participation of women in managing corporation s and institutions, different valuation of the work of 
women and men and women seem to have the tendency to value their own work less. One of the 
important challenges ahead is increasing the number of women on boards and as directors of 
corporations and in stitutions. Research has shown that there is a need to identify gender equality 
                                                
1 The Centre for Gender Equality in Iceland. Gender Equality in Iceland: Information on Gender Equality 
Issues in Iceland. March, 2017.  WT/TPR/G/361 • Iceland  
 
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  principles in wage policies of corporations and institutions and job evaluation needs to be 
standardised. In 2010, a law was passed that obligates companies to have a minimum o f 40% 
women or men on their boards.  
2.27.   The Government continues to develop policies and promote initiatives that focus on 
decreasing the gender pay gap and its causes. This includes increased research on both the gender 
pay gap and its causes and the develop ment of an equal -pay standard, led by the Ministry of 
Welfare in cooperation with various labour market stakeholders and Icelandic Standards, the 
national standards body.2 The equal -pay standard is, like other management standards, a 
requirement standard. The aim is that companies and institutions can establish management 
systems which will ensure and certify that their handling of cases and decision -making on wage 
issues will not be based on gender -specific discrimination.  
3  TRADE POLICY  
3.1.  Iceland 's trade poli cy remains firmly rooted in its membership of the WTO, the OECD, EFTA 
and the EEA, as well as other free trade agreements. Iceland is a small open economy that owes 
its success to a large extent to a well -functioning global free trade environment. Moving t owards 
more free trade and increased market access accordingly underpins Iceland's trade policy. In 
recent years, Iceland has taken unilateral steps towards more free trade, i.e. by eliminating tariffs 
of 90% of the tariff lines on all but the most sensiti ve agricultural products. A newly concluded 
bilateral agreement on agricultural products with the EU marks a further step towards liberalization 
in the trade of these sensitive products through sizeable quota openings as is described partially in 
the Chapt er on Tax and Customs Reforms.  
3.1  WTO  
3.2.  The WTO remains at the core of Iceland's trade policy. Iceland is fully committed to a strong 
multilateral rules -based trading system, including the implementation of existing disciplines and 
commitments. The WTO system provides legitimacy, transparency and a level playing field in 
international trade for all the actors in the global economy. It is necessary to strengthen the global 
trade system in order to move towards sustainable development and shared prosperity.  
3.3.  Iceland continues to actively engage in the WTO Agenda. Iceland submitted its ratification 
document for the Trade Facilitation Agreement on 31 October 2016. Furthermore, Iceland is 
making the necessary arrangements to remove the last legal provision that forma lly allows export 
subsidies to become fully in line with the MC10 Nairobi outcome.  Iceland has over recent months 
stepped up its efforts in fulfilling different WTO obligations regarding notifications leaving only few 
left to be complied with. Iceland rema ins committed to the objectives of the Doha Mandate and in 
the context of the review of its development policy it is engaged in internal consideration on how 
the new policy can best support international trade.  
3.4.  Although Iceland strongly supports multilater al solutions, it notes that plurilateral agreements 
can be a powerful tool for trade op ening and more liberalization. In many instances, they can 
provide immediate benefits for trade and growth. Iceland has accordingly engaged in various 
plurilateral initi atives conducted in the margins of the WTO, including the Information Technology 
Agreement and the negotiations for an Environmental Goods Agreement. Iceland has also 
participated in the negotiations on a plurilateral Trade in Services Agreement (TISA) and  remains 
committed to the conclusion of the negotiations. Furthermore, Iceland actively partakes in the 
plurilateral initiative to prohibit harmful fisheries subsidies. It foresees, as other participants in 
these initiatives, that they can, once concluded,  be integrated into the WTO framework at a later 
stage.  
3.2  EFTA  
3.5.  Iceland negotiates, concludes and administers its free trade agreements mostly in association 
with its EFTA partners. Through Iceland's  membership of EFTA, it has concluded 27 FTAs with 38 
countr ies. Since 2012, new EFTA free trade agreements were concluded with the Central American 
                                                
2 The Centre for Gender Equality in Iceland . Gender Equality in Iceland: Information on Gender Equality 
Issues in Iceland. March, 2017.  WT/TPR/G/361 • Iceland  
 
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  states of Costa Rica, Panama (2013) and Guatemala (2015), Bosnia & Herzegovina (2013), 
Georgia (2016) and the Philippines (2016).    
3.6.  The EFTA States are currently cond ucting free trade negotiations with Ecuador, India, 
Indonesia, Malaysia, Mercosur (Argentina, Brazil, Paraguay, and Uruguay) and Viet Nam. 
Negotiations with Algeria, Thailand, and the Customs Union of the Russian Federation, Belarus and 
Kazakhstan are curr ently on hold. Furthermore, the EFTA States are currently conducting 
negotiations on the development of existing free trade agreements with Mexico and Turkey.  
3.3  EEA 
3.7.  Iceland is a party to the Agreement on the European Economic Area. The EEA Agreement, 
which e ntered into force on 1 January 1994, brings together the 28 EU member States and the 
three EEA EFTA states (Iceland, Liechtenstein, and Norway) in a single market.  
3.8.  The EEA Agreement covers the four freedoms; the free movement of goods, services, 
persons a nd capital, and provides that the same rules shall apply throughout the internal market 
of the EEA States. In addition, the Agreement covers cooperation in other important areas, such as 
research and development, education, social policy, the environment, consumer protection, 
tourism and culture. The Agreement guarantees equal rights and obligations within the internal 
market for citizens and economic operators in the EEA.  
3.9.  The scope of the EEA Agreement does not include the EU Common Agricultural Policy or the 
EU Common Fisheries Policy, but it contains provisions on various aspects of trade in agricultural 
and fish products. Moreover, the EEA Agreement does not entail a customs union or a common 
trade policy towards third countries.  
3.10.   A key feature of the EEA  Agreement is its dynamic character. Its common rules are 
continuously updated by incorporating new EU legislation. Regularly, a number of EEA -relevant EU 
legislative acts are incorporated into the Agreement by decisions of the EEA Joint Committee. The 
EEA EFTA states may ask for consultations on matters of concern and may also seek adaptations 
to Community legislation in its application to the EFTA states when special circumstances call for it.  
3.4  Bilateral Agreements  
3.11.   Apart from EFTA free trade agreements, Ic eland has also concluded bi lateral free trade 
agreements. Free trade negotiations with China were concluded in 2013 and the Agreement 
entered into force in 2014. Two bilateral agreements with the EU are in force in parallel with the 
EEA Agreement; a bilate ral free trade agreement from 1972 and an agreement on trade in basic 
agricultural products from 2007.  Earlier this year, Iceland and the EU signed a new agreement on 
trade in basic agricultural products, which will replace the agreement from 2007, and ag reed on an 
improved market access for processed agricultural products under the EEA Agreement, as well as 
an agreement for the protection of geographical indications for agricultural products and 
foodstuffs . Furthermore, Iceland has free trade agreements w ith both G reenland and the Faroe 
Islands.  
3.5  Gender and Trade  
3.12.   Advancing gender equality and women 's empowerment is integrated horizontally into all 
areas of Icelandic foreign and domestic policy, including trade policy. Iceland has itself seen the 
economic be nefits that increased gender equality brings. Inclusive trade policies can contribute to 
advancing gender equality and the economic empowerment of women, which in turn are a 
fundamental driver of economic growth and prosperity, and play an important role i n eliminating 
poverty and ensuring sustainable development. Iceland, therefore, advocates for the gender 
perspective being central when it comes to trade policies, both in the international fora, including 
through its development cooperation, as well as at  home.  
3.13.   Iceland is involved in initiatives in Geneva that support these objectives. This includes being 
among proponents presenting proposals to take binding commitments in the area of domestic 
regulation in services on removing explicit and implicit discri mination based on gender elements. WT/TPR/G/361 • Iceland  
 
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  Iceland supporte d a similar initiative in the TI SA negotiations and will continue to do so when they 
resume.  
3.14.   Furthermore, in the implementation of some trade agreements specific attention should be 
placed on the impact on  women. Also, countries could use the Trade Policy Review mechanism to 
voluntarily report on their efforts to promote a more gender sensitive approach to trade policy 
issues at the domestic level.  
3.15.   Iceland would moreover welcome provisions of this nature to  be included into FTAs.  
3.16.   As a member of the International Gender Champions initiative, Iceland is leading, along 
with Sierra Leone and the International Trade Centre (ITC), an impact group on Gender & Trade 
which has the role of looking into ways to support  gender equality and empowerment of women in 
the field of trade.  
 
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