Iceland continue to expand its economy over last six years
07 Jun '06
1 min read
Iceland's standard of living is among the world's highest, in part due to the overall openness of its economy, which has allowed Iceland to reap significant benefits from specialization and trade according to a report on the trade policies and practices of Iceland published by the WTO Secretariat.
Iceland has continued to diversify its economy and undertaken macroeconomic and liberalising reforms over the last six years. Many of these reforms have been driven by Iceland's participation in the European Economic Area (EEA).
This has widened the gap between the treatment Iceland affords to its EEA partners and to other WTO Members in various areas. The report suggests that closing this gap by applying reforms on an MFN basis, and securing them in the WTO, would help reduce remaining distortions, enhance competition in the domestic market, and prevent over-reliance on the EEA market.
The report also calls for Iceland to take further steps to reduce agricultural support and protection, in particular in the dairy and lamb sectors, which could bring economic benefits and help align agricultural policy with the market-based solutions implemented in other sectors.
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