Free Trade Agreement

The Trade Agreement
In 1974, the Faroese Løgting (Parliament) decided by an unanimous vote not to apply for EU membership. Instead, an interim Trade Agreement was concluded between the Faroes and the EC. This interim Trade Agreement was replaced in 1991 by a formal agreement on trade between the Faroes and the EEC, which was a mutual Trade Agreement of the type made between EEC and the EFTA countries in the 1970s. This agreement was renewed in 1996, but did however contain several restrictions on the quantities of Faroese goods that were to enter the Community free of duty. The restrictions were especially concerning fisheries products, which counts for approximately 98% of the Faroese export.

The Trade Agreement from 1997 can be found under legal texts  
The latest developments are a revised Protocol I to the agreement, concerning market access for fisheries products, and a Veterinary Protocol concluded between the parties in 2001. The Veterinary Protocol can be found under legal texts. The revised Protocol I removed most of the restrictions on the duty free entry of Faroese fish and goods into the EU. However, important export restrictions still apply. The revision of the Trade Agreement nevertheless, made it in better keeping with the WTO rules. The revised Protocol I (1998) can be found under legal texts.