The Prime Minister, Jóannes Eidesgaard, has signed an agreement between the Faroes and Russia which in effect means that Russian customs duty on Faroese goods will be reduced.
In the agreement the Faroes and Russia commit themselves to the Most-Favoured-Nation (MFN) Treatment in bilateral trade in goods between the two countries.
Iceland, Norway and the EU have similar agreements with Russia.
The Faroes have Free Trade Agreements with the EU, Norway, Switzerland and Iceland and are represented through Denmark in the World Trade Organisation.
Mr Jóannes Eidesgaard, Prime Minister of The Faroes.
