Norway, Switzerland, Iceland and Liechtenstein have signed a free trade agreement with Vietnam, “Reuters“ reported, citing the governments of Norway and Vietnam. The document was signed in Hanoi by Vietnam and the member states of the European Free Trade Association (EFTA), News.bg reports.
According to the agreements, about half of Norway's exports to Vietnam will be duty-free at the beginning, and after seven years the share will exceed 98%.
The negotiations, which were frozen for a long period, were resumed last year amid global tensions over tariffs imposed by the United States. They ended in July.
According to the Vietnamese Ministry of Commerce, the country's main exports to EFTA markets are seafood, footwear, textiles, machinery and equipment, electronics and components. Imports from these countries include industrial machinery and equipment, chemicals, pharmaceuticals and raw materials for production.
The average annual volume of bilateral trade between Vietnam and EFTA countries is about $2 billion.