Iceland joined the United Nations in 1946 and took part in the establishment of the OECD, Council of Europe, NATO, and other international organizations. More recently, Iceland has gained membership of GATT, UNESCO, EFTA, and EES.
Iceland is not a member of the European Union but on the 27th of July 2010 negotiations for membership of the EU started. Until now the Icelandic government has been against membership due in large part to the fear that the membership of such a small nation as Iceland to a large European economic grouping would weaken its sense of nationality and culture. Iceland controls rich fishing grounds which form the main basis of Iceland’s economic survival: many people are concerned that membership of the European Union could lead to a reduction in Icelandic control of these fishing grounds, thereby threatening the nation’s income.
Still, many others think that membership would come with clear advantages and that non-membership may lead to an economic and political isolation which could endanger the nation’s rate of economic development.
In June 2013 the Icelandic government decided to put the negotiations for an EU membership on hold and finally withdrew the application in March 2015.
The Reagan-Gorbachev Summit in Reykjavík
The leaders of the superpowers of the ninth decade, Ronald Reagan (then President of the United States) and Michael Gorbachev, the Soviet leader, held a meeting in Reykjavík in 1986, during which a decision about the disarmament of the nations was taken.
The superpower summit saw each side commit to ending the Cold War, one that had existed between East and West since the close of the last World War.