Home / Knowledge / News / Textiles / China-Iceland FTA to take effect on July 1, 2014
China-Iceland FTA to take effect on July 1, 2014
30
Jun '14
The China-Iceland Free Trade Agreement (FTA), the first of its kind signed between China and a European country, will take effect on July 1, 2014, China’s Ministry of Commerce has announced.
 
With the implementation of the FTA, all Chinese textiles and apparel would be able to enter Iceland duty-free, while most of the Icelandic textiles and clothing, excluding some wool items, would have duty-free access to the Chinese market.
 
The decision to implement the FTA from July 1 was taken at a meeting between the Chinese Minister of Commerce Gao Hucheng and Iceland’s Minister of Foreign Affairs and Foreign Trade, Gunnar Sveinsson in Beijing last week.
 
The FTA covers trade in goods, trade in services and investment. “It will inject huge vitality to the long-term development of China-Iceland relations and play an exemplary role in deepening China-Europe economic and trade cooperation,” the statement from the Chinese Ministry of Commerce said.
 
Upon the establishment of China-Iceland FTA, nearly 96 percent of products will be subject to zero tariffs in terms of tariff number, and nearly 100 percent in terms of trade volume, the statement said.
 
Iceland-China Trade has been growing constantly over the years in spite of its small scale. Icelandic exports reached kr 7.65 billion in 2012, up by 40.81percent from 2011, and Icelandic imports from China reached kr 42.6 billion, up from kr 35.1 billion in 2011, according to official figures of Iceland Government.
 
As of 2012, China was Iceland’s 4th biggest importing country and the biggest trading partner in Asia. Even though Icelandic exports to China have been growing fast, China only ranked as Iceland’s no. 19 export market in 2012. 
 

Fibre2fashion News Desk - India


Must ReadView All

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Clash over monetary payment by UK at Brexit talks

Textiles | On 18th Oct 2017

Clash over monetary payment by UK at Brexit talks

The European Union (EU) and the United Kingdom (UK) are clashing over ...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Top executives
Textile & apparel bodies

The decision is transformational

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search