China inks Free Trade Agreement with Iceland

Six rounds of talks in six years, the joint efforts of negotiators from China and Iceland have finally come to fruition in the form of a free trade agreement. Leaders of the two countries signed the deal in Beijing today (Monday).

Iceland is the first European country to sign a free trade deal with China. Chinese Premier Li Keqiang met with Icelandic Prime Minister, Johanna Sigurdardottir and signed the FTA.

Iceland's PM called it a landmark agreement. She hopes the FTA will help diversify trade and reduce Iceland's deficit. The two countries will cooperate on energy and manufacturing, as well as the exploitation of geotherm, or underground heating.