Davíð Oddsson, the Icelandic Foreign Minister, and Jóhannes Eidesgaard, Prime Minister of the Faroe Islands, signed a mutual agreement today in Hovyík in the Faroe Islands establishing a common economic area between the two countries. According to the agreement Icelandic and Faroese citizens and companies will enjoy mutual rights and duties regarding free movement of goods, persons, services and capital between the two countries. The agreement replaces a free trade agreement between Iceland and the Faroe Islands from 1992.
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