Last week the Faroe Islands and the United Kingdom signed a free trade agreement which ensures that trade between the countries will continue after the UK leaves the EU.
Britain imports some £200 million worth of fish and crustaceans from the islands, which will remain unchanged following the UK’s divorce with the union.
Imports from the United Kingdom to the Faroes had a total value of DKK 284 million (£33 million) in 2017.
Faroese minister of Foreign Affairs and Trade, Poul Michelsen was understandably happy about the agreement:
“The United Kingdom is not only our closest geographical neighbor, it is one of the most important trading partners for the Faroe Islands. This agreement means that our exports to the UK can continue unhindered when the UK leaves the EU. The economic significance of this agreement for the Faroe Islands cannot be overstated, It will also provide a firm basis on which we can expand our future trade relations with the UK,” said Poul Michelsen, Faroese Minister of Foreign Affairs and Trade, according to Faroeislands.fo.
UK minister of State for Trade Policy, George Hollingbery was also satisfied with the agreement: “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.”
However, not all British politicians were as jubilant.
UK Labour Party leader in the European Parliament, Richard Corbett said, according to thelondoneconomic.com: “So Liam Fox (The British Secretary of State for International Trade) finally has a #trade agreement lined up for a post-Brexit era with that trading super-power, the Faroe Islands!
“It would simply keep what we now have via EU.
“What celebrations are planned for this great triumph?”
The UK has yet to finalise agreements to replace existing free trade deals the EU has with 40 big economies if there is a no-deal Brexit, writes TLE.