Breakthrough in free trade talks with Russia

The Faroe Islands are now one step closer to a free trade deal with Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

This comes after the council of ministers in the Eurasian Economic Union (EAEU) unanimously approved a trade agreement with the Faroe Islands. The EAEU is a political and economic union of states located primarily in northern Eurasia.

According to the new agreement, the member states agree to work together to strengthen the commercial and financial ties between the Faroes and the EAEU countries.

Poul Michelsen, the Faroese Minister of Foreign Affairs and Trade, regards this agreement as a breakthrough.

“This is an important step in our efforts to firmly establish our trade relations with the EAEU nations, and I hope the agreement will pave the way for a free trade deal between the Faroe Islands, Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

Michelsen and EAEU minister Tatiana Valovaya are expected to sign the agreement in the Faroese in August.

In the meantime, the Faroese minister will be discussing details of the agreement with the Foreign Affairs Committee.

Translated by prosa.fo