EFTA agrees terms of modernized FTA with Chile
22 January 2024 10:38
The EFTA member states (Switzerland, Liechtenstein, Norway, Iceland) have successfully concluded negotiations with Chile regarding the modernization of their free trade agreement (FTA). This has been in force since 2004, although some gaps have been identified in the meantime, further details of which can be found in a press release issued by the State Secretariat for Economic Affairs (SECO). However, these have been closed, with the result that agreement now compares favourably with the more recent FTAs adopted by the EFTA states.
In the future, 99.99 percent of all Swiss exports to Chile will be exempt from customs duties. The FTA has also been supplemented to include provisions on trade and sustainable development, financial services, SMEs and e-commerce, among other aspects. Furthermore, it now guarantees the protection of important Swiss geographical indications (GIs), while additionally now covering all intellectual property rights and their enforcement.
The plan is for the updated FTA to be signed during the EFTA Ministerial Meeting in June. In addition, Guy Parmelin, member of the Swiss federal government with responsibility for the Federal Department of Economic Affairs, Education and Research (EAER), has, according to a report in “Handelszeitung”, announced at the World Economic Forum in Davos that a free trade agreement with the South American trade bloc Mercosur, which has been in the works for many years, is set to be finalized before the end of this year. ce/mm