Iceland

Abstract

Wikipedia Country Information

Iceland (; 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 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 Germanic and Gaelic settlers. Icelandic, a North Germanic language, is descended from Old 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
CONTRACTS Inst. ratified Country score World avg. score Country rank in world Strength
Agency 0/2 0.00% 2.00% 8 Weak
Conflict of laws 0/7 0.00% 3.00% 27 Weak
E-commerce 0/3 0.00% 18.00% 70 Weak
Franchising 0/1 0.00% 0.00% 1 Average
Leasing/Factoring 0/2 0.00% 5.00% 13 Weak
Principles, trade usages and standards 0/2 0.00% 0.00% 1 Average
Procurement 0/4 0.00% 3.00% 31 Weak
Sale of Goods 1/5 (20.00%) 45.45% 25.00% 29 Strong
Travel contracts 0/1 0.00% 3.00% 7 Weak
Total 1 7.25% 9.00% 94 Weak
 
CUSTOMS Inst. ratified Country score World avg. score Country rank in world Strength
Customs Codification 2/3 (66.67%) 100.00% 78.00% 1 Strong
Customs Cooperation 1/6 (16.67%) 33.33% 26.00% 71 Strong
Exemption from Duties 1/9 (11.11%) 11.11% 30.00% 109 Weak
Temporary Admission 3/11 (27.27%) 26.47% 28.00% 74 Weak
Transit 0/4 0.00% 28.00% 98 Weak
Total 7 23.91% 31.00% 97 Weak
 
DISPUTE RESOLUTION Inst. ratified Country score World avg. score Country rank in world Strength
Arbitration 1/6 (16.67%) 25.00% 32.00% 86 Weak
Judicial cooperation 4/5 (80.00%) 84.21% 36.00% 27 Strong
Recognition of foreign judgments 0/2 0.00% 2.00% 6 Weak
State court jurisdiction 0/4 0.00% 14.00% 29 Weak
State court procedure 0/1 0.00% 6.00% 12 Weak
State immunities 0/1 0.00% 11.00% 22 Weak
Total 5 42.00% 29.00% 51 Strong
 
ENVIRONMENT AND PRODUCTS Inst. ratified Country score World avg. score Country rank in world Strength
Air 5/5 (100.00%) 100.00% 86.00% 1 Strong
Chemicals 0/1 0.00% 78.00% 152 Weak
Energy 1/2 (50.00%) 50.00% 25.00% 49 Strong
Flora and fauna 7/10 (70.00%) 71.74% 68.00% 72 Weak
Foodstuff 2/2 (100.00%) 100.00% 79.00% 1 Strong
General 1/1 (100.00%) 100.00% 95.00% 1 Weak
International watercourses 0/1 0.00% 18.00% 36 Weak
Maritime and Law of the Sea 17/26 (65.38%) 61.96% 46.00% 61 Strong
Protected geographical areas 1/1 (100.00%) 100.00% 27.00% 1 Strong
Waste 1/1 (100.00%) 100.00% 93.00% 1 Weak
Total 35 71.35% 61.00% 53 Strong
 
FINANCE, PAYMENTS AND INSOLVENCY Inst. ratified Country score World avg. score Country rank in world Strength
Assignment of receivables 0/1 0.00% 1.00% 2 Weak
Bankruptcy and insolvency 0/1 0.00% 21.00% 41 Weak
Bills of exchange and promissory notes 0/4 0.00% 8.00% 43 Weak
Cheques 0/3 0.00% 13.00% 36 Weak
Credit transfers 0/1 0.00% 0.00% 1 Average
International guarantees 0/3 0.00% 20.00% 75 Weak
Total 0 0.00% 12.00% 117 Weak
 
GOOD GOVERNANCE Inst. ratified Country score World avg. score Country rank in world Strength
Corruption 2/4 (50.00%) 50.00% 50.00% 82 Weak
Cultural Property 2/4 (50.00%) 50.00% 54.00% 61 Weak
Drugs 3/3 (100.00%) 100.00% 95.00% 1 Weak
Insider Trading 0/1 0.00% 4.00% 9 Weak
Organized crime 1/2 (50.00%) 62.50% 80.00% 112 Weak
Total 8 65.38% 68.00% 118 Weak
 
HUMAN RIGHTS AND LABOUR STANDARDS Inst. ratified Country score World avg. score Country rank in world Strength
Human Rights 7/7 (100.00%) 100.00% 96.00% 1 Weak
Labour Standards 8/8 (100.00%) 100.00% 86.00% 1 Strong
Total 15 100.00% 91.00% 1 Average
 
INSTITUTIONAL PARTICIPATION Inst. ratified Country score World avg. score Country rank in world Strength
Dispute Resolution 0/1 0.00% 39.00% 77 Weak
International Trade Law 7/10 (70.00%) 70.00% 73.00% 84 Weak
Trade support institutions 3/6 (50.00%) 50.00% 51.00% 82 Weak
Total 10 58.82% 63.00% 99 Weak
 
INTELLECTUAL PROPERTY Inst. ratified Country score World avg. score Country rank in world Strength
Broadcasting 1/1 (100.00%) 100.00% 47.00% 1 Strong
Copyright 1/3 (33.33%) 45.45% 65.00% 112 Weak
Industrial designs 2/2 (100.00%) 100.00% 31.00% 1 Strong
Integrated circuits 0/1 0.00% 2.00% 4 Weak
Neighboring Rights 1/3 (33.33%) 38.46% 46.00% 85 Weak
Origin 0/3 0.00% 14.00% 51 Weak
Patents 3/5 (60.00%) 71.43% 57.00% 60 Strong
Trademarks 3/6 (50.00%) 59.09% 33.00% 46 Strong
Varieties of plants 1/1 (100.00%) 100.00% 37.00% 1 Strong
Total 12 58.95% 42.00% 55 Strong
 
INVESTMENTS Inst. ratified Country score World avg. score Country rank in world Strength
Investment disputes 1/2 (50.00%) 50.00% 39.00% 2 Strong
Investment guaranty 1/1 (100.00%) 100.00% 93.00% 1 Weak
Total 2 66.67% 57.00% 2 Strong
 
PRODUCTS Inst. ratified Country score World avg. score Country rank in world Strength
Marine Resources 1/1 (100.00%) 100.00% 24.00% 1 Strong
Timber 0/1 0.00% 31.00% 61 Weak
General 1/1 (100.00%) 100.00% 92.00% 1 Weak
Total 2 61.54% 53.00% 61 Strong
 
TRANSPORT AND TELECOMMUNICATIONS Inst. ratified Country score World avg. score Country rank in world Strength
Air transport 5/7 (71.43%) 90.48% 59.00% 4 Strong
Aircrafts and civil aviation 6/9 (66.67%) 88.00% 74.00% 37 Strong
Maritime shipping and load lines 9/13 (69.23%) 82.86% 66.00% 73 Strong
Maritime transport 3/12 (25.00%) 20.83% 27.00% 103 Weak
Multi modal transport 0/2 0.00% 4.00% 15 Weak
Rail transport 0/3 0.00% 22.00% 50 Weak
Road transport 0/4 0.00% 31.00% 86 Weak
Space 1/4 (25.00%) 50.00% 40.00% 76 Strong
Telecommunications 1/2 (50.00%) 83.33% 47.00% 26 Strong
Total 25 56.08% 50.00% 77 Strong
 
TREATIES LAW Inst. ratified Country score World avg. score Country rank in world Strength
General 0/4 0.00% 30.00% 113 Weak
Total 0 0.00% 30.00% 113 Weak
 
WTO Inst. ratified Country score World avg. score Country rank in world Strength
Plurilateral Agreements 1/2 (50.00%) 50.00% 18.00% 26 Strong
WTO Agreements 1/1 (100.00%) 100.00% 81.00% 1 Strong
Total 2 72.73% 47.00% 26 Strong
 
Strengths and Weakness
Strong
Contracts Sale of Goods
Customs Customs Codification
Customs Customs Cooperation
Dispute resolution Judicial cooperation
Environment and products Air
Environment and products Energy
Environment and products Foodstuff
Environment and products Maritime and Law of the Sea
Environment and products Protected geographical areas
Human Rights and Labour Standards Labour Standards
Intellectual property Broadcasting
Intellectual property Industrial designs
Intellectual property Patents
Intellectual property Trademarks
Intellectual property Varieties of plants
Investments Investment disputes
Products Marine Resources
Transport and telecommunications Air transport
Transport and telecommunications Aircrafts and civil aviation
Transport and telecommunications Maritime shipping and load lines
Transport and telecommunications Space
Transport and telecommunications Telecommunications
WTO Plurilateral Agreements
WTO WTO Agreements
 
Average
Contracts Franchising
Contracts Principles, trade usages and standards
Finance, payments and insolvency Credit transfers
 
Weak
Contracts Agency
Contracts Conflict of laws
Contracts E-commerce
Contracts Leasing/Factoring
Contracts Procurement
Contracts Travel contracts
Customs Exemption from Duties
Customs Temporary Admission
Customs Transit
Dispute resolution Arbitration
Dispute resolution Recognition of foreign judgments
Dispute resolution State court jurisdiction
Dispute resolution State court procedure
Dispute resolution State immunities
Environment and products Chemicals
Environment and products Flora and fauna
Environment and products General
Environment and products International watercourses
Environment and products Waste
Finance, payments and insolvency Assignment of receivables
Finance, payments and insolvency Bankruptcy and insolvency
Finance, payments and insolvency Bills of exchange and promissory notes
Finance, payments and insolvency Cheques
Finance, payments and insolvency International guarantees
Good Governance Corruption
Good Governance Cultural Property
Good Governance Drugs
Good Governance Insider Trading
Good Governance Organized crime
Human Rights and Labour Standards Human rights
Institutional Participation Dispute Resolution
Institutional Participation International Trade Law
Institutional Participation Trade support institutions
Intellectual property Copyright
Intellectual property Integrated circuits
Intellectual property Neighboring Rights
Intellectual property Origin
Investments Investment guaranty
Products General
Products Timber
Transport and telecommunications Maritime transport
Transport and telecommunications Multi modal transport
Transport and telecommunications Rail transport
Transport and telecommunications Road transport
Treaties law General
Instruments ratifications

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