U.S and Iceland signed MoU for Economic Cooperation

F.P Report

WASHINGTON: According to the official press release of U.S State Department regarding ‘Memorandum for Economic Cooperation’ released by the Governments of the United States of America and Iceland at the conclusion of the second United States-Iceland Economic Partnership Dialogue. The U.S-Iceland Economic Partnership was held virtually on October 27th, 2020.

The press release of U.S State Department stated that the two countries focused on their shared commitment to further build upon the existing strong bilateral economic ties and mutual strategic cooperation.

They also decided to jointly address global challenges of mutual concern. In this spirit, the two countries adopt this Memorandum for Economic Cooperation in pursuit of closer economic and strategic ties, statement of U.S State Department added. The official spokesperson of U.S State Department stated that, United States and Iceland share deep historic ties, common values, and a strong economic relationship.

The United States is proud to be the first country to recognize Icelandic independence in 1944. The spokesperson remarked that, building on bilateral trade and investment volumes of over $1 billion, U.S intends to work together to further expand commerce and investment between our countries. In addition to this, the spokesperson highlighted that, through increased commercial ties and economic opportunities, we aim to amplify innovation and productivity leading to job creation in both nations.

In an effort to strengthen our economies fighting to recover from a global pandemic, our goal is to find joint collaboration opportunities that include everyone in the benefits of economic growth, the press release stated. The spokesperson also highlighted that, the dignitaries recognize the importance of mitigating risks to global supply chains and the importance of protecting critical infrastructure, particularly cyber communications networks. Thus, emphasize the necessity of a 5G ecosystem based on free and fair competition, transparency, and the rule of law.

The official statement also highlighted that in the dialogue the dignitaries reaffirmed the importance of using effective tools to address potential national security risks arising from cross-border investment, while not deterring benign foreign investment that will be critical for returning to strong economic growth.

The official press release regarding U.S Iceland MoU, it stated that, the long-standing economic relationship between the United States and Iceland is strong and has been steadily growing in past years.

Despite the strong bilateral relations, the benefit of even greater economic cooperation, increased trade and investment, and elimination of trade barriers, will enhance economic growth and encourage increased productivity for both countries. Trade in services and investment is increasing and plays an important role in our trade relations. We intend to continue to explore ways to enhance cooperation on trade and investment.

During their meeting, the dignitaries highlighted the importance of Tourism, Travel and exchange between both the countries. Both nations reaffirmed to promote travel and tourism and will work on improving cultural ties. The representatives further proposed to encourage academic, student, professional, and culture exchanges resulting in a better shared understanding. The press release stated that, discussing over energy security was also held. The press release mentioned that, Energy security and diversification of energy sources underpin the national security and economies of our two countries.

Iceland’s global leadership on cutting-edge geothermal technologies, paired with the United States’ innovation in energy efficiency and world class service sector, present unique opportunities for cooperation in the energy sector. Both the nations have intended to cooperate on sustainable, clean and efficient energy technologies, such as hydropower and geothermal.

They also reaffirmed to work in the field of scientific research and higher education partnerships by expanding opportunities for scientists’ collaborations in the fields of marine environment and natural resource protection, health, renewable energy and emerging technologies and scientific computing.

While talking about the women empowerment it was also reaffirmed that the empowerment of women in the economy a high priority. Both the states, expected to continue cooperation on promoting women’s economic empowerment, sharing best practices and highlighting national platforms promoting entrepreneurship and economic opportunities for women.

The official spokesperson stated that, as member states of the Arctic Council, U.S seek to maintain the Arctic as a region of peace, stability and cooperation.

Both countries intend to work together within the Arctic Council to enhance sustainable development, environmental protection, and the well-being and security of the people living in the region. U.S and Iceland reaffirmed to advance our bilateral cooperation in the Arctic, including in pursuing new opportunities for scientific collaboration, trade and commerce, the statement concluded.

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