Icelandic business community looks at the U.S./EU trade and investment pact

The American Icelandic Chamber of Commerce hosted a breakfast meeting to discuss a Transatlantic Trade and Investment Partnership (TTIP) announced by President Obama and European Union President Van Rompuy. There was broad consensus among the presenters (Jon Sigurðsson from Össur, Henrik Bendixen from the European Union, and Ambassador Ellertsdóttir) that the TTIP offers an enormous opportunity to boost trade and investment and strengthen the transatlantic relationship.

Many shared concerns about the potential impact of such an agreement on EFTA and Iceland’s trade position. While many of these questions could not be answered, the event provided the Icelandic business community with a great opportunity to begin a good discussion on Iceland’s trade policies. I made the point that increasing trade with Iceland is a priority for the United States and noted that the U.S. remains the largest foreign direct investor in Iceland and that American firms continue to flock to Iceland.

Nordic American Chambers meet in Reykjavik

We were delighted to welcome the Executive Directors of the American Chambers of Commerce in Finland, Denmark, Sweden, and Norway. They came to Iceland to hold their annual meeting and to share their experiences with the American Icelandic Chamber of Commerce (AMIS). The synergies between the visiting chambers and AMIS were immediate, clear, and productive. They share a powerful common interest: promoting trade and investment between the United States and Nordic countries.

American Icelandic Chamber of Commerce Opens

On May 10, at a standing-room only event, the Board of Directors officially launched the American- Icelandic Chamber of Commerce. This was a seminal event in Icelandic-American relations and it demonstrated the depth and breadth of our economic ties as over 100 of Iceland’s most important business firms and organizations joined the Chamber. We were honored to have Foreign Minister Skarphéðinsson open the event along with the Mayor of Denver, Michael Hancock. Their remarks framed the importance of the bilateral relationship to both countries and highlighted the bright future and continued economic benefits it will bring to Icelanders and Americans.