Iceland

Abstract

Wikipedia Country Information

Iceland ( ( listen); Icelandic: Ísland pronounced [ˈistlant]) is a Nordic island country of Europe located in the North Atlantic Ocean. It has a population of 332,529 and an area of 103,000 km2 (40,000 sq mi), making it the most sparsely populated country in Europe. The capital and largest city is Reykjavík. Reykjavík and the surrounding areas in the southwest of the country are home to over two-thirds of the population.
Iceland is volcanically and geologically active. The interior consists of a plateau characterised by sand and lava fields, mountains and glaciers, while many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude just outside the Arctic Circle. Its high latitude and marine influence keep summers chilly, with most of the archipelago having a tundra climate.
According to the ancient manuscript Landnámabók, the settlement of Iceland began in 874 AD when the Norwegian chieftain Ingólfr Arnarson became the first permanent settler on the island. In the following centuries, Norwegians, and to a lesser extent other Scandinavians, emigrated to Iceland, bringing with them thralls (i.e. slaves or serfs) of Gaelic origin. The island was governed as an independent commonwealth under the Althing, one of the world's oldest functioning legislative assemblies. Following a period of civil strife, Iceland acceded to Norwegian rule in the 13th century. The establishment of the Kalmar Union in 1397 united the kingdoms of Norway, Denmark and Sweden. Iceland thus followed Norway's integration to that Union and came under Danish rule after Sweden's secession from that union in 1523. Although the Danish kingdom introduced Lutheranism forcefully in 1550, Iceland remained a distant semi-colonial territory in which Danish institutions and infrastructures were conspicuous by their absence. In the wake of the French revolution and the Napoleonic wars, Iceland's struggle for independence took form and culminated in independence in 1918 and the founding of a republic in 1944. Until the 20th century, Iceland relied largely on subsistence fishing and agriculture, and was among the poorest in Europe. Industrialisation of the fisheries and Marshall Plan aid following World War II brought prosperity, and Iceland became one of the wealthiest and most developed nations in the world. In 1994, it became a part of the European Economic Area, which further diversified the economy into sectors such as finance, biotechnology, and manufacturing.
Iceland has a market economy with relatively low taxes compared to other OECD countries. It maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens. Iceland ranks high in economic, political and social stability and equality. In 2016, it was ranked as the 9th most developed country in the world by the United Nations' Human Development Index, and ranks first on the Global Peace Index. Iceland runs almost completely on renewable energy. Affected by the ongoing worldwide financial crisis, the nation's entire banking system systemically failed in October 2008, leading to a severe depression, substantial political unrest, the Icesave dispute, and the institution of capital controls. Some bankers were jailed. Since then, the economy has made a significant recovery, in large part due to a surge in tourism.
Icelandic culture is founded upon the nation's Scandinavian heritage. Most Icelanders are descendants of Norse and Gaelic settlers. Icelandic, a North Germanic language, is descended from Old West Norse and is closely related to Faroese and West Norwegian dialects. The country's cultural heritage includes traditional Icelandic cuisine, Icelandic literature and medieval sagas. Iceland has the smallest population of any NATO member and is the only one with no standing army, with the lightly armed coast guard in charge of defence.


Summary
Instruments ratified: 124 / 282
World Average Ratifications: 114 / 282
Ratification rate: 44.99%
World Average Rate: 41.25%
Weighted score: 48.91%
World Average Weighted Score: 41.25%
World rank: 65 / 194
Developed country rank: 24 / 30
Developed country Avg. Ratifications: 159 / 282
Northern Europe rank: 10 / 10
Northern Europe Avg. Ratifications: 174 / 282
Comparative Statistical Analysis
CONTRACTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Agency0/20.00%2.00%8Weak
Conflict of laws0/70.00%3.00%27Weak
E-commerce0/30.00%18.00%70Weak
Franchising0/10.00%0.00%1Average
Leasing/Factoring0/20.00%5.00%13Weak
Principles, trade usages and standards0/20.00%0.00%1Average
Procurement0/40.00%3.00%31Weak
Sale of Goods1/5 (20.00%)45.45%25.00%29Strong
Travel contracts0/10.00%3.00%7Weak
Total17.25%9.00%94Weak
 
CUSTOMSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Customs Codification2/3 (66.67%)100.00%78.00%1Strong
Customs Cooperation1/6 (16.67%)33.33%26.00%71Strong
Exemption from Duties1/9 (11.11%)11.11%30.00%109Weak
Temporary Admission3/11 (27.27%)26.47%28.00%74Weak
Transit0/40.00%28.00%98Weak
Total723.91%31.00%97Weak
 
DISPUTE RESOLUTIONInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Arbitration1/6 (16.67%)25.00%32.00%86Weak
Judicial cooperation4/5 (80.00%)84.21%36.00%27Strong
Recognition of foreign judgments0/20.00%2.00%6Weak
State court jurisdiction0/40.00%14.00%29Weak
State court procedure0/10.00%6.00%12Weak
State immunities 0/10.00%11.00%22Weak
Total542.00%29.00%51Strong
 
ENVIRONMENT AND PRODUCTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Air5/5 (100.00%)100.00%86.00%1Strong
Chemicals0/10.00%78.00%152Weak
Energy1/2 (50.00%)50.00%25.00%49Strong
Flora and fauna7/10 (70.00%)71.74%68.00%72Weak
Foodstuff2/2 (100.00%)100.00%79.00%1Strong
General1/1 (100.00%)100.00%95.00%1Weak
International watercourses0/10.00%18.00%36Weak
Maritime and Law of the Sea17/26 (65.38%)61.96%46.00%61Strong
Protected geographical areas 1/1 (100.00%)100.00%27.00%1Strong
Waste1/1 (100.00%)100.00%93.00%1Weak
Total3571.35%61.00%53Strong
 
FINANCE, PAYMENTS AND INSOLVENCYInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Assignment of receivables0/10.00%1.00%2Weak
Bankruptcy and insolvency0/10.00%21.00%41Weak
Bills of exchange and promissory notes0/40.00%8.00%43Weak
Cheques0/30.00%13.00%36Weak
Credit transfers0/10.00%0.00%1Average
International guarantees0/30.00%20.00%75Weak
Total00.00%12.00%117Weak
 
GOOD GOVERNANCE Inst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Corruption2/4 (50.00%)50.00%50.00%82Weak
Cultural Property2/4 (50.00%)50.00%54.00%61Weak
Drugs3/3 (100.00%)100.00%95.00%1Weak
Insider Trading0/10.00%4.00%9Weak
Organized crime1/2 (50.00%)62.50%80.00%112Weak
Total865.38%68.00%118Weak
 
HUMAN RIGHTS AND LABOUR STANDARDSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Human Rights7/7 (100.00%)100.00%96.00%1Weak
Labour Standards8/8 (100.00%)100.00%86.00%1Strong
Total15100.00%91.00%1Average
 
INSTITUTIONAL PARTICIPATIONInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Dispute Resolution0/10.00%39.00%77Weak
International Trade Law 7/10 (70.00%)70.00%73.00%84Weak
Trade support institutions3/6 (50.00%)50.00%51.00%82Weak
Total1058.82%63.00%99Weak
 
INTELLECTUAL PROPERTYInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Broadcasting1/1 (100.00%)100.00%47.00%1Strong
Copyright1/3 (33.33%)45.45%65.00%112Weak
Industrial designs2/2 (100.00%)100.00%31.00%1Strong
Integrated circuits0/10.00%2.00%4Weak
Neighboring Rights1/3 (33.33%)38.46%46.00%85Weak
Origin0/30.00%14.00%51Weak
Patents3/5 (60.00%)71.43%57.00%60Strong
Trademarks3/6 (50.00%)59.09%33.00%46Strong
Varieties of plants1/1 (100.00%)100.00%37.00%1Strong
Total1258.95%42.00%55Strong
 
INVESTMENTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Investment disputes1/2 (50.00%)50.00%39.00%2Strong
Investment guaranty1/1 (100.00%)100.00%93.00%1Weak
Total266.67%57.00%2Strong
 
PRODUCTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Marine Resources1/1 (100.00%)100.00%24.00%1Strong
Timber0/10.00%31.00%61Weak
General1/1 (100.00%)100.00%92.00%1Weak
Total261.54%53.00%61Strong
 
TRANSPORT AND TELECOMMUNICATIONSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Air transport5/7 (71.43%)90.48%59.00%4Strong
Aircrafts and civil aviation 6/9 (66.67%)88.00%74.00%37Strong
Maritime shipping and load lines 9/13 (69.23%)82.86%66.00%73Strong
Maritime transport3/12 (25.00%)20.83%27.00%103Weak
Multi modal transport 0/20.00%4.00%15Weak
Rail transport0/30.00%22.00%50Weak
Road transport0/40.00%31.00%86Weak
Space1/4 (25.00%)50.00%40.00%76Strong
Telecommunications1/2 (50.00%)83.33%47.00%26Strong
Total2556.08%50.00%77Strong
 
TREATIES LAWInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
General0/40.00%30.00%113Weak
Total00.00%30.00%113Weak
 
WTOInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Plurilateral Agreements1/2 (50.00%)50.00%18.00%26Strong
WTO Agreements1/1 (100.00%)100.00%81.00%1Strong
Total272.73%47.00%26Strong
 
Strengths and Weakness
Strong
ContractsSale of Goods
CustomsCustoms Codification
CustomsCustoms Cooperation
Dispute resolutionJudicial cooperation
Environment and productsAir
Environment and productsEnergy
Environment and productsFoodstuff
Environment and productsMaritime and Law of the Sea
Environment and productsProtected geographical areas
Human Rights and Labour StandardsLabour Standards
Intellectual propertyBroadcasting
Intellectual propertyIndustrial designs
Intellectual propertyPatents
Intellectual propertyTrademarks
Intellectual propertyVarieties of plants
InvestmentsInvestment disputes
ProductsMarine Resources
Transport and telecommunicationsAir transport
Transport and telecommunicationsAircrafts and civil aviation
Transport and telecommunicationsMaritime shipping and load lines
Transport and telecommunicationsSpace
Transport and telecommunicationsTelecommunications
WTOPlurilateral Agreements
WTOWTO Agreements
 
Average
ContractsFranchising
ContractsPrinciples, trade usages and standards
Finance, payments and insolvencyCredit transfers
 
Weak
ContractsAgency
ContractsConflict of laws
ContractsE-commerce
ContractsLeasing/Factoring
ContractsProcurement
ContractsTravel contracts
CustomsExemption from Duties
CustomsTemporary Admission
CustomsTransit
Dispute resolutionArbitration
Dispute resolutionRecognition of foreign judgments
Dispute resolutionState court jurisdiction
Dispute resolutionState court procedure
Dispute resolutionState immunities
Environment and productsChemicals
Environment and productsFlora and fauna
Environment and productsGeneral
Environment and productsInternational watercourses
Environment and productsWaste
Finance, payments and insolvencyAssignment of receivables
Finance, payments and insolvencyBankruptcy and insolvency
Finance, payments and insolvencyBills of exchange and promissory notes
Finance, payments and insolvencyCheques
Finance, payments and insolvencyInternational guarantees
Good Governance Corruption
Good Governance Cultural Property
Good Governance Drugs
Good Governance Insider Trading
Good Governance Organized crime
Human Rights and Labour StandardsHuman rights
Institutional ParticipationDispute Resolution
Institutional ParticipationInternational Trade Law
Institutional ParticipationTrade support institutions
Intellectual propertyCopyright
Intellectual propertyIntegrated circuits
Intellectual propertyNeighboring Rights
Intellectual propertyOrigin
InvestmentsInvestment guaranty
ProductsGeneral
ProductsTimber
Transport and telecommunicationsMaritime transport
Transport and telecommunicationsMulti modal transport
Transport and telecommunicationsRail transport
Transport and telecommunicationsRoad transport
Treaties lawGeneral
Instruments ratifications

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