As the free trade agreement (FTA) between China and Iceland came into force Tuesday, Icelandic companies believe the FTA will lower consumer prices in Iceland and boost the trade between the countries, in particular in terms of seafood.

Under the FTA, China will implement a zero tariff on goods under 7,380 tariff numbers imported from Iceland, which accounted for 81.56 percent of China's total imports from Iceland, and includes fishery products.

Meanwhile, Iceland will implement zero tariff on all industrial products and fishery products imported from China which accounted for 99.77