China and Iceland will start formal negotiations on a Free Trade
Agreement (FTA), sources with the Ministry of Commerce (MOFCOM)
said in Beijing on Sunday.
According to the ministry's press office, the two sides
exchanged views at their latest discussion in Reykjavik, Iceland,
on a number of issues such as merchandise trade, service trade and
investment, at a two-day meeting on the feasibility study.
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The meeting, which opened on July 3, was held between MOFCOM and
the Foreign Trade Ministry of Iceland.
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According the feasibility report, the FTA would improve the economy
and living standards of both countries. It suggested an early start
of formal negotiations between the two governments.
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Iceland is the first developed country in Europe to recognize
China's market-economy status and is also the first European
country to start FTA feasibility discussions with China.
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China has so far established nine FTAs with 27 countries and signed
334 regional trade cooperation deals. Currently, China is also in
FTA talks with New Zealand, Australia, and the Gulf Cooperation
Council.
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(Xinhua News Agency July 10, 2006)