From March 14th-15th, the first session of China-Iceland FTZ Feasibility Study was held in Beijing. Vice Minister of Commerce Yi Xiaozhun met with the delegates of Iceland

The two sides reached consensus on the methods ,contents and arrangements, and made deep discusses on the other issues both sides concerns, which laid a sound basis for next steps.

Iceland is the first developed country in Europe to make feasibility study on the FTZ with China. In recent years, trade relations between China and Iceland developed well with rapid growth in cargo trading. The cooperation is also increased in the service and investment.

In May, 2005, Iceland and China signed a MOU to enhance the economic and trade cooperation to confirm that both sides would adopt active and effective measures to deepen and expand economic and trade cooperation.

The second round session of China-Iceland Feasibility Study on FTZ is to be held in the later half of 2006.