Faroe Islands Eu Trade Agreement

New quantitative export restrictions or measures of equivalent effect in trade should not be introduced. Contracting parties should remove quantitative import restrictions. The Faroe Islands and the United Kingdom have signed a free trade agreement to ensure continued trade between countries after the UK leaves the European Union. The parties refrain from any discriminatory intra-tax measure or practice, directly or indirectly, between Denern and one party and similar goods from the territory of the other party. Payments related to the movement of goods are free of any restrictions. There are provisions relating to the application of EU competition law with regard to illegal agreements, abuse of dominant position and state aid. “The UK is not only our closest geographical neighbour, it is one of the main trading partners of the Faroe Islands. This agreement means that our exports to Britain will be able to continue unimpeded when the UK leaves the EU. The economic importance of this agreement for the Faroe Islands cannot be overstated.

It will also provide a solid foundation on which we can develop our future trade relationship with the UK,” said Michelsen. With broad autonomy under the sovereignty of the Kingdom of Denmark, the Faroe Islands decided not to be part of the European Communities when Denmark joined in 1973. Thus, the treaties do not apply to the Faroe Islands and formal relations between the European Union (EU) and the Faroe Islands are based on three separate bilateral agreements on fisheries, trade in goods and scientific and technological cooperation. The Faroe Islands accept live animals and products originating in the EU under conditions that apply to intra-EU trade. The Faroe Islands are committed to applying EU rules on imports of live animals and animal products from third countries. They undertake to send only animals and live products to the EU that meet the conditions set out in the decision in question. Once the agreement comes into effect, you can obtain certificates of origin after the fact from your usual supplier. No new effect tax equivalent to that of customs is introduced in trade between the EU and the states.