China entered its first free trade agreement with a European country Monday as it signed a pact with Iceland that will focus on geothermal expertise, Bloomberg reported. Up to 90% of the Iceland’s exports to China are marine products, but the deal is expected to boost exports of high-tech green energy products, potentially helping to revive the Icelandic economy after the country’s largest banks defaulted in 2008. The deal comes as China and several other nations look to join a new non-profit organization called the Arctic Circle forum, a venue for discussion on the future of the planet’s northernmost reaches, Reuters reported.
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