The agreement was signed by Manx Treasury Minister, Allan Bell, in Oslo on October 30th 2007, and was ratified by the Tynwald on March 12th, 2008.

All of the countries concerned have agreed to strengthen and broaden their economic and trading links, and to develop long term political relationships based on transparency and cooperation.

At the time of signing last October, Paolo Ciocca, Chair of the Organisation for Economic Cooperation & Development’s (OECD) Committee on Fiscal Affairs, commented that the agreements demonstrate that the Isle of Man is making good progress towards achieving international legal and regulatory standards.

He went on to commend the Isle of Man and the Nordic economies for the "innovative multilateral approach they have taken to their negotiations".

"This has been very effective in facilitating the conclusion of seven agreements in a relatively short period of time," he noted.

The Isle of Man's Chief Minister, Tony Brown, now has the task of writing to each of the Nordic countries to inform them that ratification has taken place.

Greenland has already informed the Isle of Man that it has completed its own internal ratification processes and so the agreements with Greenland will come into force 30 days after the Chief Minister’s notification letter.

Commenting on the agreements, Brown stated: “The Isle of Man has a thriving and varied economy that is underpinned not only by the government’s understanding of our international obligations as a small but significant member of the global financial community, but also by our commitment to give investors in the Island stability, confidence and an environment in which they can prosper."

"Our agreements with the Nordic Council countries further emphasise our proactive approach to international relations and international cooperation.”

Treasury Minister Bell added: “The Isle of Man is increasingly recognised as a country that has a distinct approach in the field of international tax cooperation and a voice that is listened to around the world. As Treasury Minister I look to the interests of the Isle of Man first, but no one should be in any doubt that I and our government also look to the interests of our economic partners far and near."

Bell concluded that: “I expect that the Isle of Man will be signing more international tax agreements in the near future and that, as with the Nordic agreements, we will move rapidly to bring them into force. As confidence in the Island grows, our people, businesses and country will flourish further."