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

The agreement was signed 31 August 2005 in the town of Hoyvík in the Faroe Islands.

[1] The Faroese Løgting ratified the agreement on 2 May 2006[1] 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 (thus creating a West Nordic free trade zone) should be seriously studied.

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