This paper reflects on several aspects of the Agreement to Prevent Unregulated High Seas Fisheries in the Central Arctic Ocean from the standpoint of Iceland, prior to, during and at the conclusion of the negotiations of the Agreement in late 2017. Particular reference is made to UNCLOS and coastal State interests, status of knowledge on the fish stocks and the importance of scientific cooperation which the Agreement facilitates. During the years 2008–2015, the so-called Arctic Five consulted on cooperation in Arctic matters including future management of fisheries in the central Arctic Ocean. These rather exclusive cooperative efforts were criticised by Iceland and other States that felt these matters were to be dealt with in a broader international context. It seems evident that Iceland’s desire to become a full participant in the process during the subsequent years was both based on legal arguments as well as fair and natural geopolitical reasons. Iceland became a participant in the negotiations in December 2015. The final version of the Agreement is a fully fledged platform for coordinating scientific research and it even allows for interim management measures until future regional management framework is in place. In essence, the Agreement can be taken as a regional fisheries management arrangement (RFMA), since most elements of relevance are incorporated in accordance with the 1995 UN Fish Stocks Agreement. The opening of the central Arctic Ocean for fishing is not likely to take place in the nearest future, although the development of sea ice retreat is currently faster than earlier anticipated. While the Agreement is today regarded as being historic due to its precautionary approach, future may prove that it was a timely arrangement in a fast-moving world with dramatic changes taking place in the Arctic Ocean.