EFTA states and Thailand agree on free trade agreement
Published: Friday, Nov 29th 2024, 18:50
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The EFTA states and Thailand have reached an agreement on a free trade agreement. The European Free Trade Association announced the conclusion of the negotiations on Platform X on Friday.
The heads of the two delegations met online to finalize the agreement, according to the press release. The EFTA Free Trade Association was represented by Karin Büchel from the State Secretariat for Economic Affairs (SECO).
According to the EFTA website, the agreement covers trade in goods and services, investments, the protection of intellectual property and competition rules, among other things.
No further information was initially available. Economics Minister Guy Parmelin described the conclusion of negotiations on X as a considerable success for Swiss foreign trade policy. It gave Swiss companies easier access to a strategic market with high potential.
In addition to Switzerland, Iceland, Liechtenstein and Norway are also members of EFTA. According to the organization, negotiations with Thailand were launched in Iceland in June 2022. Ten rounds of negotiations subsequently took place in Bangkok, Geneva and Oslo.
According to the figures, the volume of trade in goods between the EFTA states and Thailand amounted to 3.2 billion euros (equivalent to just under 3 billion Swiss francs) in 2023.
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