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Hoyvík Agreement
The Hoyvík Agreement is a free trade agreement between the Faroe Islands and Iceland. History The agreement was signed 31 August 2005 in the town of Hoyvík in the Faroe Islands. The Faroese Løgting ratified the agreement on 2 May 2006 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. Content 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilateral Trade
Bilateral trade or clearing trade is trade exclusively between two states, particularly, barter trade based on bilateral deals between governments, and without using hard currency for payment. Bilateral trade agreements often aim to keep trade deficits at minimum by keeping a clearing account where deficit would accumulate. The Soviet Union conducted bilateral trade with two nations, India and Finland. On the Soviet side, the trade was nationalized, but on the other side, also private capitalists negotiated deals. Relationships with politicians in charge of foreign policy were especially important for such businessmen. The framework limited the traded goods to those manufactured domestically and as such, constituted a subsidy to domestic industry. Bilateral trade was highly popular within Finnish business circles, as it allowed the commission of very large orders, additionally with less stringent requirements for sophistication or quality, if compared to Western markets. The S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by total area. Its southern and western border with the United States, stretching , is the world's longest binational land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treaties Concluded In 2005
A treaty is a formal, legally binding written agreement between actors in international law. It is usually made by and between sovereign states, but can include international organizations, individuals, business entities, and other legal persons. A treaty may also be known as an international agreement, protocol, covenant, convention, pact, or exchange of letters, among other terms. However, only documents that are legally binding on the parties are considered treaties under international law. Treaties vary on the basis of obligations (the extent to which states are bound to the rules), precision (the extent to which the rules are unambiguous), and delegation (the extent to which third parties have authority to interpret, apply and make rules). Treaties are among the earliest manifestations of international relations, with the first known example being a border agreement between the Sumerian city-states of Lagash and Umma around 3100 BC. International agreements were used in s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treaties Of The Faroe Islands
A treaty is a formal, legally binding written agreement between actors in international law. It is usually made by and between sovereign states, but can include international organizations, individuals, business entities, and other legal persons. A treaty may also be known as an international agreement, protocol, covenant, convention, pact, or exchange of letters, among other terms. However, only documents that are legally binding on the parties are considered treaties under international law. Treaties vary on the basis of obligations (the extent to which states are bound to the rules), precision (the extent to which the rules are unambiguous), and delegation (the extent to which third parties have authority to interpret, apply and make rules). Treaties are among the earliest manifestations of international relations, with the first known example being a border agreement between the Sumerian city-states of Lagash and Umma around 3100 BC. International agreements were used in so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treaties Of Iceland
A treaty is a formal, legally binding written agreement between actors in international law. It is usually made by and between sovereign states, but can include international organizations, individuals, business entities, and other legal persons. A treaty may also be known as an international agreement, protocol, covenant, convention, pact, or exchange of letters, among other terms. However, only documents that are legally binding on the parties are considered treaties under international law. Treaties vary on the basis of obligations (the extent to which states are bound to the rules), precision (the extent to which the rules are unambiguous), and delegation (the extent to which third parties have authority to interpret, apply and make rules). Treaties are among the earliest manifestations of international relations, with the first known example being a border agreement between the Sumerian city-states of Lagash and Umma around 3100 BC. International agreements were used in so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Denmark–Iceland Relations
Denmark–Iceland relations are the diplomatic relations between Denmark and Iceland. Both countries are full members of the Council of the Baltic Sea States, Nordic Council, NATO, and Council of Europe. History Denmark recognized the independence of Iceland on 1 December 1918 and the two countries remained in personal union until 1944. While in union with Denmark, the diplomatic relations of Iceland with the rest of the world were handled by Denmark. Denmark opened their embassy in Reykjavík on 4 August 1919 with Johannes Erhardt Bøggild appointed as ambassador, while Iceland opened their embassy in Copenhagen on 16 August 1920 with Sveinn Björnsson as ambassador. The Icelandic embassy was temporarily closed from 1924 to 1926 due to financial costs. King Christian X visited Iceland on 26 June 1921. Iceland became fully independent from Denmark on 17 June 1944 during the German occupation of Denmark, as diplomatic relations between the two countries were suspended. When Den ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The Faroe Islands
The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product (GDP) of $2.613 billion per annum. GDP increased from DKK 8 billion in 1999, to 21 billion in 2019. The vast majority of Faroese exports, around 90%, consists of fishery products. History After the severe economic troubles of the early 1990s, brought on by a drop in the vital fish catch and poor management of the economy, the Faroe Islands have recently recovered, with unemployment down to 5% in mid-1998, and holding below 3% since 2006, one of the lowest rates in Europe. Challenges and opportunities High dependence on fishing (including salmon farming) means the Faroe Islands' economy remains vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. The islands allow up to 25% foreign ownership of ocean industry decreasing gradually until 2032 when foreign ownership must end. Petroleum found close to the Faroese area give ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Iceland
The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12 billion, but by 2018 it had increased to a nominal GDP of US$27 billion. With a population o350,000 this is $55,000 per capita, based on purchasing power parity (PPP) estimates.Source: Statistics Iceland. The financial crisis of 2007–2010 produced a decline in GDP and employment that has since been reversed entirely by a recovery aided by a tourism boom starting in 2010. Tourism accounted for more than 10% of Iceland's GDP in 2017. After a period of robust growth, Iceland's economy is slowing down according to an economic outlook for the years 2018–2020 published by Arion Research in April 2018. Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than other Nordic countries. Hydro-power is the primary source of home and industrial electrical supply in Iceland. In the 1990s Iceland undertook exte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade Agreements
A free-trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral. Bilateral trade agreements occur when two countries agree to loosen trade restrictions between the two of them, generally to expand business opportunities. Multilateral trade agreements are agreements among three or more countries, and are the most difficult to negotiate and agree. FTAs, a form of trade pacts, determine the tariffs and duties that countries impose on imports and exports with the goal of reducing or eliminating trade barriers, thus encouraging international trade. Such agreements usually "center on a chapter providing for preferential tariff treatment", but they also often "include clauses on trade facilitation and rule-making in areas such as investment, intellectual property, government procurement, technical standards and sanitary and phytosanitary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Representation Of The Faroes, Reykjavík
The Representation of the Faroes in Reykjavík ( fo, Sendistova Føroya í Reykjavík) is the official representative office of the Faroe Islands in Iceland. The Representation opened in 2007 after being established with the signing of the Hoyvík Free Trade Agreement in 2005. Hoyvík Agreement A free trade agreement between the Faroes and Iceland was signed on 31 August 2005 and was approved in parliament in April 2006. The agreement extends the scope of cooperation between the two countries to the free movement of all goods, services, capital and persons, in effect creating a Faroese - Icelandic common market.http://www.mfa.fo/Default.aspx?ID=2634 See also *Faroe Islands *Politics of the Faroe Islands * List of diplomatic missions in Iceland *Danish Realm The Danish Realm ( da, Danmarks Rige; fo, Danmarkar Ríki; kl, Danmarkip Naalagaaffik), officially the Kingdom of Denmark (; ; ), is a sovereign state located in Northern Europe and Northern North America. It consis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Relations Of Iceland
Iceland took control of its foreign affairs in 1918 when it became a sovereign country, the Kingdom of Iceland, in a personal union with the King of Denmark. As a fully independent state, Iceland could have joined the League of Nations in 1918, but chose not to do so for cost reasons. It negotiated with Denmark to initially carry out most of its foreign relations, while maintaining full control. Denmark appointed a diplomatic envoy (Ambassador) to Iceland in 1919 and Iceland reciprocated in 1920, opening an Embassy in Copenhagen. Iceland established its own Foreign Service in April 1940 when Denmark became occupied by Nazi Germany and ties between the two countries were severed. The Republic of Iceland was founded in 1944. The Icelandic foreign service grew slowly in the post-WWII period, but increased rapidly after the mid-1990s. Iceland's closest relations are with the Nordic states, the European Union and the United States. Iceland has been a member of the United Nations since ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fisheries
Fishery can mean either the enterprise of raising or harvesting fish and other aquatic life; or more commonly, the site where such enterprise takes place ( a.k.a. fishing ground). Commercial fisheries include wild fisheries and fish farms, both in freshwater waterbodies (about 10% of all catch) and the oceans (about 90%). About 500 million people worldwide are economically dependent on fisheries. 171 million tonnes of fish were produced in 2016, but overfishing is an increasing problem — causing declines in some populations. Because of their economic and social importance, fisheries are governed by complex fisheries management practices and legal regimes that vary widely across countries. Historically, fisheries were treated with a "first-come, first-served " approach, but recent threats by human overfishing and environmental issues have required increased regulation of fisheries to prevent conflict and increase profitable economic activity on the fishery. Modern juris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
