Faroe Islands signed a free trade agreement with Turkey
The companies from the Faroe Islands will have to access the Turkish market for their products without having to pay tariffs. Before the free trade agreement, the tariff on Faroese salmon, saithe, mackerel, and herring has been 30 percent.
"Turkey is an interesting market with 80 million people," says Poul Michelsen, Minister of Foreign Affairs and Trade.
Now that the free trade agreement will come into force, the Faroe Islands will be finally able to compete with the countries from EU and EFTA, who already had free trade agreements with Turkey. "Turkey has a growing market for salmon, pelagic fish and demersal fish, but the high tariffs have been an obstacle for our industry," the Faroese government statement read.
"As part of generating an interest in Faroese products in Turkey, and trade amongst the two countries, we are planning a campaign to promote trade with the Faroe Islands in Turkey," says Poul Michelsen, Minister of Foreign Affairs and Trade.
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