EFTA and Moldova conclude free trade agreement
27 June 2023 12:13
The Swiss economy is now party to another free trade agreement (FTA): On June 27, at the conference of ministers from European Free Trade Association (EFTA) member states in Schaan, a corresponding agreement was signed between EFTA and the Republic of Moldova. Guy Parmelin, member of the Swiss federal government, ratified the agreement on behalf of Switzerland.
According to a press release issued by the Federal Department of Economic Affairs, Education and Research (EAER), the FTA will further strengthen economic and trade relations between the four EFTA countries (Switzerland, Liechtenstein, Iceland and Norway) and the south-eastern European nation of Moldova. It largely corresponds to the more recent FTAs that EFTA has concluded with third countries, with one exception: Moldova is the first partner country with which EFTA has also reached an agreement in the area of e-commerce.
The bilateral agreements between Switzerland and the Republic of Moldova have developed positively, as the Federal Department of Foreign Affairs (FDFA) states. The bilateral trade volume between Switzerland and Moldova amounted to just above 50 million Swiss francs in 2022. According to the FDFA, this is a “modest” level. Up to this point, Switzerland has mainly exported pharmaceuticals, chemicals, machinery and vehicles, while imports have focused on machinery, devices, textiles and agricultural products. However, the FTA will now result in broader market access and improvements to the legal framework for market players, the press release explains. ce/mm