Uk Greenland Trade Agreement

7 januari 2022 at 23:49

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UK and Greenland Sign Historic Trade Agreement

After several years of negotiation, the United Kingdom and Greenland have reached a bilateral trade agreement that promises to boost economic ties and promote sustainable development in the Arctic region. The deal, signed on July 2, 2021, marks the first comprehensive trade pact between the UK and a non-EU country since Brexit and reflects the growing interest of both parties in enhancing their partnerships beyond their traditional allies.

The UK-Greenland trade agreement covers a wide range of sectors, including fisheries, energy, minerals, tourism, and research. It aims to foster closer cooperation in these areas and facilitate trade by reducing tariff and non-tariff barriers, promoting investment and innovation, and protecting intellectual property and environmental standards. Among the key provisions of the deal are:

- A commitment by the UK and Greenland to follow principles of sustainable development, including the protection of biodiversity, the reduction of greenhouse gas emissions, the promotion of renewable energy, and the respect for indigenous rights and cultural heritage.

- An agreement to establish a joint commission to oversee the implementation of the trade deal and address any disputes or issues that may arise. The commission will consist of representatives from both governments and may involve stakeholders from industry, academia, and civil society.

- A recognition by the UK of Greenland`s status as a non-self-governing territory of Denmark, with the right to pursue its own economic and social development. The UK also reaffirms its support for the Greenlandic people`s right to self-determination and territorial integrity.

- A provision for the mutual recognition of standards and certifications in the fisheries sector, which will facilitate the export of fish and seafood products from Greenland to the UK and vice versa. The UK has agreed to grant tariff-free access to 100% of Greenland`s current annual quota of cod, haddock, and saithe, and to phase out tariffs on other Greenlandic fish within 10 years. Greenland, in turn, will grant the UK access to its crab and halibut fisheries, subject to certain quotas and conditions.

- A pledge by both parties to explore opportunities for cooperation in the energy and minerals sectors, particularly in the development of sustainable mining and renewable energy projects. The UK has expressed its interest in importing rare earth elements and other minerals from Greenland to support its transition to a green economy, while Greenland sees the UK as a potential investor and partner in its vast mineral reserves, including zinc, lead, gold, uranium, and rare earth.

- A recognition of the importance of tourism and research in promoting sustainable economic growth and cultural exchange between the UK and Greenland. The UK has committed to support tourism development in Greenland through investments and marketing initiatives, while Greenland has offered opportunities for UK researchers and students to study and collaborate in its Arctic environment, including on climate change, biodiversity, and human health projects.

The UK-Greenland trade agreement has been welcomed by both sides as a positive step towards building stronger and more diverse partnerships in the Arctic and beyond. It reflects the shared values and interests of two countries that are committed to promoting sustainable development, protecting the environment, and fostering innovation and cooperation. As the UK seeks to expand its global trade and influence after Brexit, and as Greenland seeks to assert its strategic position as a gateway to the Arctic, the UK-Greenland trade agreement offers a promising pathway for mutual benefits and shared prosperity.