Faroe Islands pursue trade deals with South Korea and China

The Faroe Islands are working towards free-trade agreements with South Korea and China, while Brazil is also under consideration, broadcaster KVF reported. A memorandum to begin concrete negotiations with South Korea is expected to be signed soon, the minister for foreign affairs and fisheries said.

South Korea may be particularly important for the pelagic fishing industry. The country has about 52 million people, many of whom eat mackerel, and a fish buyer in Seoul who has visited the Faroe Islands is keen to buy Faroese mackerel if tariff barriers are removed.

KVF’s Breddin programme will discuss what the potential agreements could mean for the Faroe Islands and Faroese businesses, with representatives from industry and public authorities. A business delegation travelled to South Korea earlier this year.