In its seventh meeting in 2008, and the first under the chairmanship of Iceland, the Council assessed the outcome and results of the EFTA Summer Ministerial in Lugano, Switzerland on 30 June 2008. In conjunction with the decisions of the Ministerial meeting, the Icelandic Chair presented its priorities for the second half of 2008.

On third-country issues, the Council discussed the next steps with regards to India and the outcome of the third meeting of the Joint Study Group with Russia, which took place on 3-4 July 2008. The Council also discussed the ongoing negotiations with Algeria and Peru, as well as relations with Ukraine.

In addition, the Council approved a Quality Infrastructure Project in the Western Balkans and Turkey.