"The Eurasian Economic Commission highly appreciates the interest of the Faroe Islands in expanding opportunities for mutual trade with the EAEU states," Sergei Glazyev noted. "We welcome the attitude of the Faroe Islands to develop not only their exports to the EAEU but also the import of a wide range of goods and services from the Union, which undoubtedly opens up new opportunities for dialogue."
The parties noted the positive dynamics of trade between the EAEU states and the Faroe Islands recorded in January-September 2021. The volume of trade during this period reached USD 251.4 million. Rapeseed oil, oil products, paper and cardboard containers, fishing tackle and a number of other goods top the list of the Union's exports to the Faroes. From the Faroe Islands, the EAEU countries import mainly fresh, chilled and frozen fish, fish meat and fillets.
In his turn, Yenis av Rana noted that the Faroe Islands attach great significance to cooperation with the EAEU countries and stressed the importance of deepening cooperation between business circles.
"The Government of the Faroe Islands is ready to fully facilitate the development of bilateral contacts in the trade and economic sphere through the business circles of the EAEU and Faroe countries. At the same time, we note the great opportunities for diversifying cooperation," Yenis av Rana emphasized, inviting the EEC delegation to take part in the EAEU-Faroe Islands forum scheduled to be held in May 2022 in the Faroe Islands.
In addition, the Faroese delegation confirmed its interest in creating a free trade area with the EAEU in the future as an important tool for enhancing trade relations with all Union countries. The Commission's representatives spoke about the procedures stipulated by the EAEU law of the.
Danil Ibraev, President of the Kyrgyz Union of Industrialists and Entrepreneurs, and Sergei Mikhnevich, Acting Executive Secretary of the EAEU Business Council, shared their proposals on enhancing trade and economic cooperation between the EAEU and the Faroe Islands.
Following the second meeting, the joint working group signed a joint statement on deepening cooperation.
For reference
The joint working group was formed within the framework of the Memorandum of Cooperation between the EEC and the Government of the Faroe Islands dated August 23, 2018.
The first meeting of the working group was held in May 2019.
In January-September 2021, the trade turnover of the EAEU Member States with the Faroe Islands increased by 24.4%, in particular the EAEU exports more than doubled, and imports increased by 19.8% over the past period of 2021.
The next meeting of the joint working group will take place in the capital of the Faroe Islands, Torshavn.
