Agreement between the Government of Iceland, of the one part, and the Government of Denmark and the Home Government of the Faroe Islands, of the other part
The agreement was signed 31 August 2005 in the town of Hoyvík in the Faroe Islands.[1] The Faroese Løgting ratified the agreement on 2 May 2006[1] and the Icelandic Alþingi did the same on 3 June.
On 21 August 2006, a statement was made by the annual general meeting of the West Nordic Council that the possibility of extending the agreement to include Greenland (thus creating a West Nordic free trade zone) should be seriously studied. It was noted at Løgting that the agreement could be extended to Norway and Canada in the future.
Contentedit
It is the most extensive free trade agreement that either nation has entered into. It guarantees almost complete freedom of goods, services, persons and capital. It also deals with competition and government subsidies and prohibits any kind of discrimination based on nationality except when it is specially provided for by the agreement. The agreement is unique for Iceland as it the first such agreement establishing free trade in agricultural products, a sector that usually sees a lot of protection from the Icelandic authorities.
A notable exception to the free trade agreement is the special status of the fisheries industry. Pre-existing restrictions on foreign investment in the industry present in both countries will not be abolished.
In addition to free trade, the agreement also provides a framework for increased cooperation between the nations regarding all the common interests of the nations. Especially mentioned fields of cooperation include: culture, education, sports, health care, transportation, communications, tourism, environmental issues, energy and resource management.
^ ab"Hoyvík Agreement". Government of the Faroe Islands. Retrieved 8 December 2018.
External linksedit
The draft legislation for ratifying the agreement, includes the full text of the agreement in Icelandic
A press release from the Faroese government about the signing of the agreement (in Faroese)
A West Nordic free trade area possible (Icelandic)
January 19, 2024
hoyvík, agreement, free, trade, agreement, between, faroe, islands, iceland, agreement, between, government, iceland, part, government, denmark, home, government, faroe, islands, other, parttypebilateral, tradesigned31, august, 2005, 2005, locationhoyvík, faro. The Hoyvik Agreement is a free trade agreement between the Faroe Islands and Iceland Hoyvik AgreementAgreement between the Government of Iceland of the one part and the Government of Denmark and the Home Government of the Faroe Islands of the other partTypeBilateral tradeSigned31 August 2005 2005 08 31 LocationHoyvik Faroe IslandsConditionApproval by Logting and AlthingSignatoriesIceland Faroe IslandsLanguagesDanishEnglishFaroeseIcelandic Contents 1 History 2 Content 3 See also 4 References 5 External linksHistory editThe agreement was signed 31 August 2005 in the town of Hoyvik in the Faroe Islands 1 The Faroese Logting ratified the agreement on 2 May 2006 1 and the Icelandic Althingi did the same on 3 June On 21 August 2006 a statement was made by the annual general meeting of the West Nordic Council that the possibility of extending the agreement to include Greenland thus creating a West Nordic free trade zone should be seriously studied It was noted at Logting that the agreement could be extended to Norway and Canada in the future Content editIt is the most extensive free trade agreement that either nation has entered into It guarantees almost complete freedom of goods services persons and capital It also deals with competition and government subsidies and prohibits any kind of discrimination based on nationality except when it is specially provided for by the agreement The agreement is unique for Iceland as it the first such agreement establishing free trade in agricultural products a sector that usually sees a lot of protection from the Icelandic authorities A notable exception to the free trade agreement is the special status of the fisheries industry Pre existing restrictions on foreign investment in the industry present in both countries will not be abolished In addition to free trade the agreement also provides a framework for increased cooperation between the nations regarding all the common interests of the nations Especially mentioned fields of cooperation include culture education sports health care transportation communications tourism environmental issues energy and resource management See also edit nbsp Faroe Islands portal nbsp Iceland portalForeign relations of Iceland Representation of the Faroes Reykjavik West Nordic CouncilReferences edit a b Hoyvik Agreement Government of the Faroe Islands Retrieved 8 December 2018 External links editThe draft legislation for ratifying the agreement includes the full text of the agreement in Icelandic A press release from the Faroese government about the signing of the agreement in Faroese A West Nordic free trade area possible Icelandic Retrieved from https en wikipedia org w index php title Hoyvik Agreement amp oldid 1085525849, wikipedia, wiki, book, books, library,
