Vietnam has officially signed a comprehensive free trade agreement with four European nations comprising the European Free Trade Association (EFTA). The signing ceremony took place in Hanoi, marking a significant milestone after talks initially began back in 2012 and were subsequently stalled in 2018 before resuming last year.

The agreement involves Norway, Switzerland, Iceland, and Liechtenstein—countries that deliberately operate outside the European regime of the EU. According to the participating parties, the pact encompasses trade in goods and services, intellectual property rights, trade remedies, and sustainable development initiatives, aiming to bolster bilateral economic ties.

Under the terms of the deal, customs duties on industrial, fish, and agricultural products will be significantly reduced or entirely eliminated. The Norwegian authorities purportedly claimed that approximately half of Norway's exports to Vietnam will be tariff-free immediately, with projections showing that over 98% will enjoy zero tariffs within seven years.

Trade statistics indicate that the economic exchange between EFTA and Vietnam reached €4.8 billion ($5.4 billion) last year. Representatives from the rapidly growing Southeast Asian economy asserted that the agreement supposedly demonstrates a mutual commitment to reinforcing a rules-based trading system amidst persistent volatility in the global economy.

Source: www.dw.com