Eight new duty-free import quotas imposed by the European Union for Iceland entered into force on Wednesday, January 1, thus providing increased export opportunities for Icelandic seafood products.
In parallel with negotiations on a contribution to the EEA Grants Fund, Iceland and the EU reached an agreement on market access for Icelandic seafood products on November 30, 2023. The agreement covers the period from May 1, 2021 to April 30, 2028 and includes eight tariff quotas for more than 50 tariff numbers.
The Government of Iceland said lengthy negotiations and ratification processes meant that a considerable amount has passed in the period that was negotiated. To accommodate this, it was agreed that the unused quota amount, during the period from May 1, 2021 until the quotas are opened on January 1, 2025, will be distributed over the remaining contract period, or until April 30, 2028. Thus, the agreed total amount of quotas was 15,000 tonnes annually but will be more than double that for the rest of the period.
If the quotas are not fully utilised by the end of the contract period, the remaining amount can be utilised until April 30, 2030 or until a new agreement is concluded.
An agreement was reached on a comprehensive review of the terms of trade between Iceland and the EU, with the aim of completing these negotiations during the agreement period. In this way, a forum has been created for negotiations with the EU on easier access for Iceland to the EU's internal market, including that of seafood.
The list of available quotas can be viewed on the Government of Iceland's official website.