A "high-level delegation" from Iceland Foods is set to visit Reykjavik after the Icelandic government launched legal action against the supermarket chain over the use of its name.
The store is seeking an urgent meeting with Iceland's foreign ministry in an attempt to lay out a "constructive proposal" that could help resume nearly fifty years of "peaceful coexistence."
The company, which trades under Iceland Foods, currently holds a Europe-wide trademark registration for the word, and has traded in the UK under the name Iceland since 1970.
The Nordic nation are seeking to invalidate the registration via the European Union Intellectual Property Office on the basis that it is "exceptionally broad and ambiguous in definition."
The country also claims the supermarket has "aggressively pursued" and won multiple cases against Icelandic companies which use the word Iceland as part of their trademark, "even in cases when the products and services do not compete."
Their goal is to ensure "the right of Icelandic companies to use the word Iceland in relation to their goods and services."
The supermarket's founder and chief executive Malcolm Walker said the country has not raised "any concerns about trademark issues" with the company since 2012.
He added they "have no desire whatsoever to stand in the way of Iceland (the country) making use of their own name to promote their own products, so long as it does not conflict or cause confusion with our own business.
"I am sure there is ample scope for an agreement that will allow both parties to continue to live and work amicably alongside each other."