The European Free Trade Association (EFTA) and Vietnam on Thursday declared the successful conclusion of negotiations for a free trade agreement (FTA), marking a significant step toward strengthening bilateral trade and investment opportunities between the two sides.
The European Free Trade Association, comprising Iceland, Liechtenstein, Norway, and Switzerland, stated in a joint communiqué that negotiations with Vietnam had been successfully concluded, resulting in a comprehensive free trade agreement.
The announcement followed the European Free Trade Association Ministerial Meeting held in Reykjavík, Iceland, on 22 June, which marked the formal conclusion of the negotiations. According to the statement, negotiation teams from both EFTA and Vietnam had engaged in intensive technical discussions in Reykjavík during the week preceding the ministerial-level talks.
“At a time of global uncertainty, strengthening ties with trusted trade partners is more important than ever. I am pleased that we have reached an ambitious and forward-looking free trade agreement that will significantly improve market access for goods and services,” Norwegian Foreign Minister Espen Barth Eide said.
The free trade agreement encompasses a broad range of areas, including trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, investment, intellectual property rights, trade remedies, government procurement, trade and sustainable development, as well as provisions on small and medium-sized enterprises, cooperation, and capacity-building initiatives.
The agreement is intended to enhance trade relations between the European Free Trade Association member states and Vietnam by reducing or eliminating customs duties, facilitating trade flows, and promoting sustainable development.
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