Faroese Trade Agreement with Russia

The Faroe Islands are about to enter into a trade agreement with Russia and other former Soviet republics.

The Faroese Islands, which are formally part of the Unity of the Realm together with Denmark and Greenland, will soon sign a trade agreement with Russia and the Eurasian Customs Union.

Besides Russia, the union includes countries like Kazakhstan, Armenia, Belarus and Kyrgyzstan. Greenland's daily Sermitsiaq reports this.

The paper quotes the Faroese Foreign Minister Poul Michelsen, who says the agreement is a breakthrough for the Faroese Islands.

According to Michelsen, a free-trade agreement with Russia may be signed within a year, while a Letter of Intent between the Eurasian Customs Union and the Faroese Islands is to be signed in August this year.


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