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Chronology of Diplomatic Relations
Diplomatic relations between Georgia and Iceland were established on 21 September 1992.
From 2008 to date, Iceland extends its diplomatic presence to Georgia from Reykjavik.
The embassy of Iceland to the Russian Federation extended its diplomatic presence to Georgia from 1999 to 2006
Fields of Cooperation
Bilateral cooperation between Iceland and Georgia is not active, however, cooperation is developing dynamically within the framework of international organizations.
In terms of further deepening the economic cooperation, of importance is the comprehensive Free Trade Agreement signed on 27 June 2016with the European Free Trade Association (EFTA - Iceland, Liechtenstein, Norway, and Switzerland). The Agreement with the EFTA, the Association Agreement and the Deep and Comprehensive Free Trade Agreement are considered to be an important step towards the liberalisation of trade-economic relations of Georgia. The Agreement in Iceland entered into force on 1 September 2017.
Visits are not exchanged frequently between the two countries. On 6-7 June 2016, first high-level visit from Iceland was held in Georgia. The Minister of Trade, Industry and Fisheries Ragnheiður Elín Árnadóttir visited Georgia with the representatives of business circles. At the seminar on Energy held in the framework of the visit, the representatives from Georgian and Icelandic business companies discussed perspectives of cooperation in the field of renewable energy.
The bilateral contractual framework includes one Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital.
Two Icelandic companies are active in Georgia: “Creditinfo” carrying out financial activities and “ Landsvirkjun Power and Verkis” –working on the preparation of the project design and the feasibility study of two hydropowers on the Machaxela River in Adjara and on the River Tergi.
There is a potential for developing trade and economic cooperation between the two countries, in particular, sharing experience in fishery sector and promoting the development of fishery in Georgia.
Bilateral relations are further bolstered by the Georgian translator.