|MoU on Strengthening the Economic and Trade Cooperation between China and Iceland Signed|
On May 1st, Mr. Bo Xilai, Minister of Commerce of China, exchanged with Mr. Geir H. Haarde, Minister of Finance of Iceland, in Paris the MoUs on Strengthening the Economic and Trade Cooperation betwee the Ministry of Commerce of the P.R. China and the Ministry for Foreign Affairs of the Republic of Iceland. Mr. Haarde represented Mr. David Oddsson, Minister for Foreign Affairs and External Trade of Iceland. With this MoU, Iceland became the first country in the western European region to recognize that China had established a market economy system and would not apply some unfavorable regulations of the World Trade Organization to China. Meanwhile Iceland became the first country in the whole European region to discuss the feasibility of free trade with China.