Iceland is a member of the European Free Trade Association (EFTA) with Norway, Liechtenstein and Switzerland. Goods, services and capitals traffic is free since January 1st, 1994 within EU countries, Iceland accepts all directives and regulations of the Single Market, except for fishing (it does not adhere to the "PAC"). Indeed, Iceland is very protectionist as regards to the import of farm products and licenses as well as state monopolies of imports (undergoing a dismantling). Some plant products such as potatoes and flowers are subject to seasonal limitations.
Customs classification
Iceland applies the Harmonised Customs System of codification and description of the goods. Customs duties are calculated ad valorem (and apply only to farm products of EU member countries). There is no exchange control on the settlement of imported goods. The customs policy is enforced by the Directorate of Customs.
Import procedures
Iceland applies the Harmonised Customs System of codification and description of the goods. Customs duties are calculated ad valorem (and apply only to farm products of EU member countries). There is no exchange control on the settlement of imported goods. The customs policy is enforced by the Directorate of Customs.