Faroe/Iceland free trade deal set to continue

After lengthy negotiations and concerns that the Faroe/Iceland free trade deal may be scrapped, a last-minute solution now appears to have been reached. 

Faroese authorities terminated the so-called Hoyvíkssáttmálin (the Hoyvík Agreement) on New Year’s Eve 2018 after disagreements about the fishery industry. It was decided at the time that the agreement, which dates back to 2005, would remain in force for one more year, after which it would be scrapped. 

This is an urgent matter because if a solution is not found before Christmas, Parliament will not be able to abolish the decision to terminate the deal before the holidays. 

Changes made 

The foreign affairs committee has now decided to ask foreign minister Jenis av Rana to cancel the termination of the agreement. 

Certain changes were listed by two foreign affairs committee members as a requirement for the deal to continue, and those changes have been made, according to Rana, who adds that further changes will be made. 

Rana is confident that the matter will be solved in time for the Christmas holidays, so the free trade deal can continue. 

Translated by prosa.fo