Normalisation of the bilateral trade relations between the Faroe Islands and the European Union

Today the EU Commission confirmed the abrogation of the trade measures against the Faroe Islands which were adopted in August 2013 as a result of disagreements on the allocation of the shared fish stock Atlanto-Scandian herring.

The EU Regulation will enter into force on Wednesday 20. August 2014 after which the arbitral proceedings under the United Nations Convention on the Law of the Sea and the institution of proceedings under the WTO Agreement will both be terminated.

The Prime Minister Johannesen states in this regard that “this is a great moment for the bilateral relations between the Faroe Islands and the European Union. I hope that we may make use of the current momentum in order to construct further bridges and broaden our cooperation in a dynamic manner”.