Aquaculture for all

Faroe Islands, Turkey Make Free Trade Pact

Economics +1 more

FAROE ISLANDS - After a fifteen year negotiation, the North Atlantic and the Mediterranean have become connected through a Free Trade Agreement between the Faroe Islands and Turkey.

It is not just the geographical spread, but the relative size. The Faroes have a population of under 50,000, compared with Turkey's almost 75 million, according to New Europe Online.

The two nations agreed in principle on the final draft of the agreement last week.

Faroese Prime Minister Kaj Leo Holm Johannesen said, "Faroese trade relations are developing in many promising new directions. Turkey is a large and growing market for both salmon and pelagic fish."

He continued, "Today Faroese exports to Turkey face high custom and duty tariffs, thereby preventing these exports to develop further. The EFTA countries have free trade agreements with Turkey. Therefore, it has been difficult for Faroese exporters to compete with their counterparts from, for example, Iceland and Norway."

The agreement is expected to be signed later this year.

There was more good news for the Islands, when Russia signaled that the Faroes would not be affected by sanctions imposed by Russia in retaliation for restrictions placed by the EU because of the Ukraine crisis.

Create an account now to keep reading

It'll only take a second and we'll take you right back to what you were reading. The best part? It's free.

Already have an account? Sign in here