Vietnam agrees free-trade deal with four European countries
The agreement links Vietnam with four European countries outside the EU. Norway says the deal will gradually remove tariffs on nearly all its exports to Vietnam.
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Norway, Switzerland, Iceland and Liechtenstein have agreed a free-trade deal with Vietnam, the governments of Norway and Vietnam announced on Sunday. The four countries are members of the European Free Trade Association (EFTA), not the European Union. [1]
Vietnam exports seafood, footwear, textiles and electronics to the four EFTA countries, while imports from them include industrial machinery and equipment, chemicals and pharmaceutical products, according to Vietnam’s trade ministry. It puts average annual trade between Vietnam and the four countries at $2 billion. [1]
Norway says half of its exports to Vietnam will be free of import tariffs when the agreement takes effect. That share is due to rise to more than 98 per cent within seven years, the Norwegian government said. [1]
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