On May 19, the European Free trade Association (EFTA) member states signed a joint statement establishing a study group to examine closer trade and investment relations with Vietnam, including the possibility of negotiating a free trade agreement.
The joint statement was signed in Geneva by Vietnam's Deputy Minister of Industry and Trade Nguyen Nam Hai and the ambassadors for the EFTA states, which includes Norway, Iceland, Liechtenstein, and Switzerland.
Merchandise trade between the EFTA states and Vietnam has substantially increased in recent years. Important EFTA exports include machinery and mechanical appliances, pharmaceutical products, and fish and other marine products. EFTA's main imports from Vietnam are currently precious stones and metals, clothing and footwear, as well as fish and other marine products.
Apart from trade in goods, the joint study group will also assess the potential for enhanced relations in areas such as trade in services, investment, intellectual property rights and technical cooperation. The group is expected to submit its report this year.
.Tags: trade | free trade agreement (FTA) | Iceland | Liechtenstein | Norway | Switzerland | Vietnam | Switzerland | Liechtenstein
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