The agreement between Ms Damankai and Minister of Fisheries of the Faroe Islands, Jacob Vestergaard, comes after a lengthy dialogue between Faroese and EU officials in recent months.

“According to the agreement that I reached with the Faroese Minister of Fisheries, Jacob Vestergaard, the Faroe Islands will put an end to their unsustainable fishery of Atlanto-Scandian herring in the North-East Atlantic,” said Ms Damanaki. “On our side, the European Commission will take action to stop the trade restrictions that we imposed on the Faroe Islands in August 2013 in reaction to the unsustainable management of the stocks.”

She also said that the Faroe Islands will close the proceedings launched against the EU at the World Trade Organization and in the context of the UN Convention on the Law of the Sea in response to the EU measures.

“After long and intensive negotiations, I am satisfied that we can soon consider the herring dispute as something of the past: Faroese fishermen will be able to come back to EU waters and European fishermen can continue their traditional fisheries in Faroese waters. Let’s now focus on working hand in hand towards sustainable fisheries in the North-East Atlantic", said Ms Damanaki.

Both sides will now finalise the procedural aspects of the agreement.