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EFTA States, Indonesia Ink Trade Deal

by Ulrika Lomas, Tax-News.com, Brussels

21 December 2018


The European Free Trade Association states – Switzerland, Liechtenstein, Norway, and Iceland – and Indonesia have signed a Comprehensive Economic Partnership Agreement, which will slash tariffs on a majority of industrial goods.

Negotiations toward a CEPA were launched in July 2010 and were concluded in November 2018. The agreement was signed on December 16.

Upon the agreement's entry into force, the EFTA states will abolish all customs duties on imports of industrial products, including fish and other marine products, originating in Indonesia. Indonesia will gradually eliminate or reduce duties on the majority of such products.

Merchandise trade between the EFTA states and Indonesia was worth USD2.3bn in 2017. The EFTA states exported goods worth USD597m to Indonesia, with the leading exports being machinery and mechanical appliances, pharmaceutical products, and mineral fuels. The EFTA imported goods worth USD1.7bn in 2017.

TAGS: marine | free trade agreement (FTA) | Iceland | export duty | tariffs | Liechtenstein | Norway | agreements | Indonesia | Switzerland | import duty | trade | Europe

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