The Free Trade Agreement (FTA) between the Republic of Turkey and the Kingdom of Denmark in respect of Faroe Islands was signed on 16th December 2014 and entered into force on 1th October 2017.
The FTA contains the areas of elimination of tariffs and non-tariff barriers, intellectual property rights, transparency, sanitary and phytosanitary measures, technical regulations, rules of origin and administrative cooperation, safeguard, anti-dumping and countervailing measures, institutional provisions and dispute settlement.
All customs duties and charges having equivalent effect in import of industrial goods between the parties will be eliminated upon the entry into force of the FTA.
In agricultural goods, the Faroe Islands will eliminate 94,7 per cent of the tariffs, so our exporters will have the opportunity to enter into Faroese market with the same conditions as European exporters. On the other hand, Turkey will eliminate 42,8 per cent of the tariffs for Faroese exports.
The trade volume between Turkey and Faroe Islands was 399 thousand USD in 2017. In 2017 Turkey’s exports to Faroe Islands was 265 thousand USD, while Turkey’s import from Faroe Islands was 134 thousand USD.
- The Free Trade Agreement (FTA) between the Republic of Turkey and the Kingdom of Denmark in respect of Faroe Islands