Denmark backs Faroese free trade efforts

02.07.2018 - 17:57
Denmark backs Faroese free trade efforts
The Danish government is helping Faroese authorities to secure a free trade deal with the Eurasian Economic Union

Since 1999, the Danish and Faroese foreign ministries have been discussing a possible free trade deal with Russia and the Eurasian Economic Union.

The Eurasian Economic Union (EAEU) is a political and economic union of five nations: Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

The Faroese Prime Minister initiated talks about a free trade deal with the EAEU in 2013. The Danish government has been following the progress in these talks, and according to foreign minister Anders Samuelsen, Denmark is willing to support the Faroes in this matter.

Samuelsen says the Danish government approves of the free trade plans, but only in relation to portfolios that have been transferred to the Faroes from Denmark.

Since international trade is one of these portfolios, the Faroes are free to make free trade deals with other countries, said Samuelsen, referring to the Faroese right to make deals with other countries on behalf of the Kingdom of Denmark, the community of the realm.

Such agreements include cooperation in areas such as trade, energy and vet services.

Samuelsen added, however, that according to the constitution, foreign affairs remain a matter for the Danish authorities, which means that the Danish sanctions against Russia will not change.

On Wednesday, Poul Michelsen, the Faroese foreign minister, will meet with the Foreign Affairs Committee to discuss the details of the free trade agreement.

Earlier this year, the EAEU Council of Ministers unanimously approved a trade agreement with the Faroe Islands. The agreement states that the parties agree to work together to strengthen the commercial and financial ties between the Faroes and the EAEU member countries.

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