Vietnam trade deal highlights Faroese firms’ market access gap

The new free trade agreement between the EFTA countries and Vietnam highlights the importance of improving market access for Faroese companies, the Faroese business organisation Vinnuhúsið says. KVF reports.

The agreement, concluded in July, gives companies in Norway, Iceland, Switzerland and Liechtenstein improved access to a large and rapidly growing Asian market. It includes specific benefits for the fishing and aquaculture industries that are not available to Faroese exporters.

Almost all tariffs on salmon are set to be removed, while tariffs on mackerel will be eliminated after three years. Norwegian and Icelandic competitors will therefore have better trading conditions than Faroese companies in a market that is also of interest to Faroese businesses, Vinnuhúsið says.

The organisation says the agreement is a reminder of the importance of continuing efforts to improve market access for Faroese companies. The Faroe Islands currently have six free trade agreements, which has consequences for the business community.