Hoyvík Agreement

The Hoyvík Agreement is a free trade agreement between the Faroe Islands and Iceland.

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 should be seriously studied. It was noted at Løgting that the agreement could be extended to Norway and Canada in the future.