The Faroe Islands seek separate membership in the World Trade Organization

The Faroe Islands have today formally submitted a request to accede to the World Trade Organization (WTO) as a Separate Customs Territory in accordance with the Agreement Establishing the World Trade Organization. This application represents a significant milestone toward securing independent and separate membership in the WTO.

“This is an important step for the Faroe Islands building on many years of preparation. Attaining separate WTO membership will be instrumental to ensuring the Faroe Islands’ full and effective participation in the multilateral trading system,” says Sirið Stenberg, Minister of Foreign Affairs, Industry and Trade.

The WTO currently includes 166 members, four of which are Separate Customs Territories. “The Faroe Islands are an open, market-based economy with a highly developed legal framework across all areas relevant to the WTO. I am confident that these strengths will support an efficient and constructive accession process,” says Sirið Stenberg, Minister of Foreign Affairs, Industry and Trade.