WASHINGTON, D.C.—U.S. Senators Angus King (I-Maine) and Lisa Murkowski (R-Alaska), co-chairs of the Senate Arctic Caucus, have introduced a bill to expand and improve economic ties with Iceland. Currently, Icelanders are not eligible for economic visas to visit and conduct business in the United States, one of the only Arctic nations whose residents face such a barrier. The Nordic Trader and Investor Parity Act would expand access to trade and investment visas for Icelanders, resulting in expanded economic opportunities for both nations. Senators Jeanne Shaheen (D-NH) and Amy Klobuchar (D-MN) have also cosponsored the legislation.

Iceland’s largest trade partner is the United States, accounting for approximately 20% of Iceland´s total trade in goods and services. Currently, Iceland is the only Nordic country whose nationals are not eligible for American treater trader and investor visas.

“The United States is an Arctic Nation, and has many significant economic and national security interests in the High North—so we must solidify our ties with our allies and expand access to the American economy,” said Senator King. “The Nordic Trader and Investor Parity Act would increase access to trade and investment visas for Icelanders looking to do business in the United States while increasing our country’s economic footprint in the Arctic nation. As our adversaries continue to venture northward, hoping to control the economy of the Arctic region, there should be no doubt that free trade and open access is the name of the game in the High North.”

“Iceland and Alaska have many shared interests,” said Senator Lisa Murkowski. “It is long past time that the people of Iceland are able to share in trade and investment opportunities in the United States. Opening up economic visas for Icelanders will allow our Arctic neighbors to bring the innovations they are making in energy capture, ocean sciences, and sustainable fisheries to Alaska and the Lower 48.”

Treaty trader (E-1) and treaty investor (E-2) visas are nonimmigrant visas for nationals of a country with which the United States maintains a treaty of friendship, commerce, and navigation.  Treaty trader and treaty investor visas are temporary nonimmigrant visas. These visas were created to facilitate and enhance economic interaction between the United States and other countries.

1. An E-1 visa is for individuals entering the United States to engage in substantial trade,
2. An E-2 visa is for individuals entering the United States to develop and direct the operations of an enterprise in which that person has invested.

As a member of the Senate Energy and Natural Resources Committee and as Co-Chair of the U.S. Senate Arctic Caucus, Senator King is an advocate for Maine and America’s interests in the North Atlantic and Arctic region. Along with Caucus co-chair Senator Lisa Murkowski (R-AK), King introduced the Arctic Commitment Act earlier last year to improve America’s posture and opportunities in the Arctic. He’s been calling for the appointment of an Arctic Ambassador since 2015, and has continued to press the Administration on the effort this year. King also recently laid out the challenges and opportunities of a warming arctic in an article in the Wilson Quarterly, and in this year’s National Defense Authorization Act, he successfully secured the inclusion of provisions to increase America’s activity and opportunities in the Far North.

The full bill text can be found here.

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