The Hoyvík Agreement is a
free trade
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold Economic liberalism, economically liberal positions, while economic nationalist politica ...
agreement between the
Faroe Islands
The Faroe Islands ( ) (alt. the Faroes) are an archipelago in the North Atlantic Ocean and an autonomous territory of the Danish Realm, Kingdom of Denmark. Located between Iceland, Norway, and the United Kingdom, the islands have a populat ...
and
Iceland
Iceland is a Nordic countries, Nordic island country between the Atlantic Ocean, North Atlantic and Arctic Oceans, on the Mid-Atlantic Ridge between North America and Europe. It is culturally and politically linked with Europe and is the regi ...
.
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
Greenland is an autonomous territory in the Danish Realm, Kingdom of Denmark. It is by far the largest geographically of three constituent parts of the kingdom; the other two are metropolitan Denmark and the Faroe Islands. Citizens of Greenlan ...
(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
Norway, officially the Kingdom of Norway, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of the Kingdom of ...
and
Canada
Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...
in the future.
See also
*
Foreign relations of Iceland
*
Representation of the Faroes, Reykjavík
*
West Nordic Council
References
External links
The draft legislation for ratifying the agreement, includes the full text of the agreement in IcelandicA press release from the Faroese government about the signing of the agreement (in Faroese)
{{DEFAULTSORT:Hoyvik Agreement
Free trade agreements
Economy of Iceland
Economy of the Faroe Islands
Hoyvík
Denmark–Iceland relations
Treaties of Iceland
Treaties of the Faroe Islands
Treaties concluded in 2005
Treaties entered into force in 2006
2005 in the Faroe Islands