Editing Economy of Iceland (section)

==Economic agreements and policies==
Iceland became a full [[European Free Trade Association]] member in 1970 and entered into a free trade agreement with the [[European Community]] in 1973. Under the agreement on a [[European Economic Area]], effective January 1, 1994, there is basically free cross-border movement of [[Capital (economics)|capital]], [[labour (economics)|labor]], [[Good (economics)|goods]], and services between Iceland, [[Norway]], and the EU countries. However, many of Iceland's political parties remain opposed to EU membership, primarily because of Icelanders' concern about losing control over their fishing resources. Iceland also has bilateral free trade agreements with several countries outside the EEA. The most extensive of these is the [[Hoyvík Agreement]] between Iceland and the [[Faroe Islands]], this agreement goes even further than the EEA agreement by establishing free trade in agricultural products between the nations. Iceland has a free trade agreement with Mexico on November 27, 2000.<ref>{{cite journal |last1=Jónsson |first1=Guðmundur |title=Iceland and the Nordic Model of Consensus Democracy |journal=Scandinavian Journal of History |date=8 August 2014 |volume=39 |issue=4 |pages=510–528 |doi=10.1080/03468755.2014.935473 |url=https://www.tandfonline.com/doi/full/10.1080/03468755.2014.935473 |access-date=5 December 2024 |issn=0346-8755}}</ref>