WTO Panel established today in the dispute between the Faroe Islands and the EU
The Dispute Settlement Body (DSB) of the World Trade Organization decided today to establish a panel in the dispute opposing the Faroe Islands to the European Union.
The Government of the Faroes has hereby taken a decisive step to seek to have established that the EU coercive economic measures against the Faroe Islands are in breach of the obligations stemming from the WTO Agreement.
Faroese Prime Minister Mr. Kaj Leo Holm Johannesen, mentions in this regard:The EU has an economy that is 10.000 times bigger than that of the Faroe Islands and its coercive economic measures against the Faroe Islands have a significant impact on the entire Faroese economy.
This made it necessary to promptly proceed with the establishment of the WTO panel as the EU made use of its right to block the establishment during last month´s DSB meeting.”
The Faroe Islands are part of Kingdom of Denmark´s membership to the WTO and the submission of the request for establishing the WTO panel is accordingly transmitted by the Kingdom of Denmark in respect of the Faroe Islands. Mr. Kaj Leo Holm Johannesen adds in this regard that:
“This is an important step and a proper avenue to seek the revocation of the EU coercive economic measures, which are in clear violation of the EU´s obligations pursuant to the WTO Agreement”.