Faroe Islands Requests WTO Panel Over EU Sanctions14 January 2014
FAROE ISLANDS - A request has been filed to establish a World Trade Organisation (WTO) panel in the dispute between the Faroe Islands and the European Union.
The request for the establishment of a WTO panel is in regard to the EU´s use of trade sanctions against the Faroe Island's over the Atlanto-Scandian herring fishery.
The request will be dealt with at the forthcoming meeting of the Dispute Settlement Body on 20 January 2014.
Discussing the matter, Prime Minister, Kaj Leo Holm Johannesen, stated: “The Faroe Islands is heavily dependent on trade facilities, especially in relation to its exports of fish products which constitute more than 95 per cent of its total exports.
"This step is therefore of major importance for the Faroe Islands, and a crucial step in order to ensure that the EU coercive economic measure, whose purpose is exclusively to safeguard the interests of its domestic industry, will be withdrawn and revoked."
TheFishSite News Desk