Faroese authorities in Russia for free-trade talks

21.05.2019 - 09:28
Faroese authorities in Russia for free-trade talks
A Faroese delegation headed by the trade minister is currently negotiating a free trade deal in Moscow
Poul Michelsen, the Minister of Foreign Affairs and Trade

The Faroe Islands now appear to be closing in on a free trade deal with the Eurasian Economic Union (EAEU), which is a political and economic union of Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

This time last year, the EAEU council of ministers unanimously approved a general trade agreement with the Faroe Islands.

It was agreed at the time that representatives from the nations involved would meet once a year. 

Free trade deal in sight

A delegation of five representatives of the Faroese trade and industry has now travelled to Moscow to discuss this agreement, with the aim of further strengthening the Faroese ties with the EAEU.

Trade minister Poul Michelsen, who heads the Faroese delegation, says the ultimate objective of the talks, from a Faroese perspective, is to secure a free trade agreement with the five EAEU nations.

“We will be discussing the various barriers, such as taxes and customs,” he said. “Based on last year’s deal, I am confident that our talks will eventually lead to a free trade agreement.”

Translated by prosa.fo

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