Brief
Vietnam signs free‑trade pact with Norway, Switzerland, Iceland and Liechtenstein
The agreement, signed in Hanoi, will gradually eliminate tariffs on many Norwegian goods and expand market access for both sides.
By Felo News Desk · Published
Vietnam signed a free‑trade agreement with Norway, Switzerland, Iceland and Liechtenstein in Hanoi, according to dailytimes.com.pk.
What happened
The deal was concluded with members of the European Free Trade Association (EFTA) after negotiations that resumed last year. It will gradually reduce tariffs on Norwegian exports, with about half of Norway’s shipments becoming tariff‑free immediately and more than 98% expected to be duty‑free within seven years.
What the reports add
The agreement builds on bilateral trade that averages around $2 billion a year, according to Vietnam’s trade ministry, and aims to broaden market access for Vietnamese seafood, footwear, textiles, machinery, electronics and components while allowing imports of industrial machinery, chemicals, pharmaceuticals and raw materials.
How it came about
Negotiations had stalled for years before restarting amid global tensions over U.S. tariffs, and were finalized in July before the signing ceremony.
Key facts
- Vietnam signed a free‑trade agreement with Norway, Switzerland, Iceland and Liechtenstein. (dailytimes.com.pk)
- Around 50% of Norway’s exports will become tariff‑free immediately, rising to over 98% within seven years. (dailytimes.com.pk)
- Bilateral trade between Vietnam and the four EFTA countries averages about $2 billion annually. (dailytimes.com.pk)
Sources
- [1] dailytimes.com.pk — originally reported as “Vietnam signs free-trade agreement with four European countries”
