Canada - Iceland Relations

Bilateral Relations

Canada's relations with Iceland began over one thousand years ago when Icelander Leif Eriksson landed in L'Anse aux Meadows in Newfoundland. The positive relationship that Canada and Iceland share continues to be influenced by the theme of exploration and discovery. Trade and investment links between our two nations continue to increase. In the international arena, Canada and Iceland work together within various fora and often share similar views. Canada is represented at our Embassy in Reykjavik. Iceland is represented at their Embassy in Ottawa.

Cultural Relations

The vibrant community of Icelandic descent in Canada  plays a large role in keeping cultural ties strong and dynamic. The Icelandic National League of North America, formed in Winnipeg in 1918 plays a leading role in most cultural activities among the Icelandic people in Canada and the United States.

Iceland is also a member of the International Network on Cultural Policy, a Canadian initiative, which provides culture ministers with an international forum to discuss emerging cultural policy issues.

Trade and Investment

Iceland is a trade-oriented country with a GDP growth rate of approximately 5.5% in 2017 (IMF). Canada-Iceland bilateral trade has grown since the implementation of CEFTA on July 1st, 2009. Bilateral merchandise trade between Canada and Iceland was balanced, exceeding $176 million in 2017. Canadian exports of goods to Iceland, which amounted to roughly $79 million in 2017, were led by fish, machinery, vehicles, paper articles, and scientific and precision instruments. In 2017, Canada imported nearly $98 million worth of merchandise from Iceland including fish, scientific and precision instruments, and machinery. Energy and fisheries have been the major focus of Canadian investment in Iceland but tourism is becoming a new focus with the soon to begin building of a FlyOver Iceland theater in Reykjavik.

June 2018