EFTA Members Ratify Albanian FTA

by Ulrika Lomas, Tax-News.com, Brussels

03 November 2010

The European Free Trade Association (EFTA) has noted the entry into force of the Free Trade Agreement with Albania.

In respect of Switzerland and Liechtenstein the agreement entered into force as of November 1, 2010. The agreement will shortly enter into force for Iceland and Norway after they have completed their individual ratification protocols.

The agreement between the four EFTA states and Albania was signed on December 17, 2009. The agreement lays a legal foundation that liberalizes a number of goods, including industrial products, fish and other marine products. Bilateral arrangements on agricultural goods were also negotiated, EFTA said. Provisions on the protection of intellectual property rights, on services and investment, are also included in the negotiated text.

Last year, trade between the EFTA bloc and Albania amounted to USD41m, and is expected to increase as a result of the pact. Exports from the EFTA states consist mainly of pharmaceutical products, machinery, tobacco and electrical machinery. The EFTA states’ leading imports from Albania are footwear, electrical machinery, mechanical appliances, grains and seeds, and woven apparel.

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