The UK has signed a new trade continuity agreement with the Faroe Islands.
Trade Policy Minister, George Hollingbery signed the UK-Faroe Islands agreement in London on Thursday 31 January with Faroese Minister for Trade and Industry, Poul Michelsen.
With almost £200 million worth of fish and crustaceans brought into the UK from the Faroe Islands in 2017, this agreement will allow imports to continue tariff-free and enable businesses to trade as freely as they do now, writes Gov.uk.
Minister of State for Trade Policy, George Hollingbery said: “This agreement is the latest in a series of continuity agreements to be signed by the UK and will help give UK and Faroe Island businesses, exporters and consumers the certainty they need to continue trading freely and in confidence as the UK prepares to leave the EU.
The Faroe Islands is an important trading partner for Britain and this deal will help ensure that British businesses and consumer continue to have greater choice at lower prices.”
The new UK-Faroe Islands agreement replicates the existing trading arrangements as far as possible. It will come into effect as soon as the implementation period ends in January 2021, or on 29 March 2019 if the UK leaves the EU without a deal, writes Gov.uk.