A free trade agreement between Iceland and China will take effect on July 1 after the process of implementing the agreement into law was completed.
Iceland is the first European country to sign a Free Trade Agreement (FTA) with China.
Foreign Minister Gunnar Bragi Sveinsson said in a statement that the agreement presented Iceland with many opportunities. Icelandic companies would also be given a head start on the rapidly growing Chinese market.
Gunnar will visit China along with a trade delegation at the end of June. Iceland will also open a new embassy in Beijing.