The Danish government still retains control of monetary policy and foreign affairs including defence. It also provided an initial annual subsidy of DKK3.4 billion (US$553 million), and to diminish gradually over time as it moves to full independence with no specified date.
'Firms in Greenland that want to sell fish products to the US face a long list of requirements that make the export process difficult,' said Foreign Minister Pele Broberg.
Currently, Greenland's primary exports are fish and sealskin, but US tariffs on items like water, aluminum, zinc, gold, and iron could prevent the development of emerging industries.
'The elimination of tariffs from Greenlandic products will be one of the topics we will seek to address during trade negotiations with the US, either as part of TIFA or a free trade agreement,' said Mr Broberg.
A Trade and Investment Framework Agreement (TIFA) involves the US and foreign powers meeting to discuss issues with the objective of improving cooperation and enhancing opportunities for trade and investment.
Said Royal Greenland managing director Mikael Thinghuus: 'In an ideal world, we would just fill up a ship and sail it directly across the Atlantic to the East Coast. But that's not possible right now.'