On December 18, 2020, the 4th meeting of China-Iceland Joint FTA Committee was held by video. The Ministry of Commerce of China and the Ministry for Foreign Affairs of Iceland led the two delegations to the meeting respectively.

The meeting comprehensively took stock of the progress of implementation for the China-Iceland FTA, fully recognized that since the initiation of the FTA, the two sides have effectively deepened cooperation in trade in goods, services, investment, economic technology, and constantly elevated bilateral economic and trade relations to a new level. The two sides also exchanged their experience in fighting COVID-19, and stressed the importance of implementing the FTA during the epidemic to ensure the free flow of goods and keep supply chains stable.

China and Iceland agreed to continue anti-epidemic exchanges, work together to overcome the epidemic, jointly support free trade and multilateralism, give full play to the role of FTA, keep bilateral industrial chains and supply chains stable, and promote economic development for both sides. At the same time, publicity and training will be strengthened to help the preferential FTA policies benefit more enterprises and people of both countries.

The China-Iceland Free Trade Agreement is the first free trade agreement signed by China and European countries. With a wide coverage and a high level of openness, it came into effect on July 1, 2014.