Norway, Switzerland, Iceland and Liechtenstein have signed a free trade agreement with Vietnam, announced on Sunday (18) by the governments of Norway and Vietnam.
The Vietnamese Ministry of Trade said it signed the agreement in Hanoi with the members of the European Free Trade Association (EFTA).
About half of Norway’s exports to Vietnam will be tariff-free when the agreement enters into force, with more than 98% tariff-free within seven years, according to a statement by the Norwegian government.
The free trade negotiations, long stalled, were resumed last year amid global tensions related to U.S. tariffs. The negotiations were concluded in July.
The Vietnamese Ministry of Trade said that the Southeast Asian country exports mainly seafood, footwear, textiles, machinery and equipment, electronics and components to the EFTA market and imports machinery and industrial equipment, chemicals, pharmaceuticals and raw materials for production.
Bilateral trade between Vietnam and the EFTA member countries has averaged US$2 billion per year, the ministry said.
(Reporting by Akanksha Khushi in Bengaluru, and Mikhail Flores in Manila)
