Updated page to provide detailed instructions on trade with the Faroe Islands from January 1, 2021. These include information on import duties and rules of origin. The Faroe Islands have a free trade agreement with the three EFTA countries, Norway, Iceland and Switzerland These guidelines provide information on aspects of trade that will change as soon as the agreement between the United Kingdom and the Faroe Islands comes into force. This is for British companies that trade with the Faroe Islands. “The UK is not only our closest geographical neighbour, it is one of the main trading partners of the Faroe Islands. This agreement means that our exports to Britain will be able to continue unimpeded when the UK leaves the EU. The economic importance of this agreement for the Faroe Islands cannot be overstated. It will also provide a solid foundation on which we can develop our future trade relationship with the UK,” said Michelsen. This trade agreement contains provisions relating to trade in goods (including provisions on preferential tariffs, tariff quotas and rules of origin). See the list of minimum transactions in Article 7 of the Rules of Origin Protocol in the text of the UK trade agreement with the Faroe Islands. As the two Treaties of Rome expressly state, the Faroe Islands are not part of the European Union. This means that the free movement of goods, people, capital and services within the EU and other directives do not apply to the Faroe Islands.
The 1974 trade agreement was unanimously decided by the European Parliament not to apply for EU membership. Instead, an interim trade agreement has been reached between the faeces and the EC. This interim agreement was replaced in 1991 by a formal trade agreement between the Faroes and the EEC, which was a trade agreement between the EEC and the EFTA countries in the 1970s. This agreement was renewed in 1996, but included several restrictions on the quantities of fecal products intended to enter the Community duty-free. The restrictions were particularly limited to fisheries products, which account for about 98% of exports. The Faroe Islands accept live animals and products originating in the EU under conditions that apply to intra-EU trade. The Faroe Islands are committed to applying EU rules on imports of live animals and animal products from third countries. They undertake to send only animals and live products to the EU that meet the conditions set out in the decision in question.