Moldova is preparing to ratify a free trade agreement with the European Free Trade Association (EFTA).
At a meeting on March 20, the government approved a draft law on the ratification of an agreement between Moldova and the countries of the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland and Liechtenstein. This agreement was signed on June 27, 2023 in Schaan, Liechtenstein. The agreement aims to strengthen economic cooperation between the parties, expand bilateral trade, eliminate trade barriers and restrictions, and create conditions for fair competition. The agreement covers the following areas: trade in goods and services, intellectual property rights, competition, public procurement, sustainable development, e-commerce, etc. Also, the ratification of the agreement will open a number of opportunities for creating new jobs in different sectors of the Moldovan economy. Indirect benefits are the improvement of the population's welfare and the creation of new opportunities for export-oriented domestic economic agents. At present, the EFTA countries have signed similar agreements with 40 countries. According to the National Bureau of Statistics, in 2023, exports of Moldovan products to the EFTA market amounted to $33.3 million, and imports from these countries - $64.1 million. In 2022, the volume of imports and exports between Moldova and EFTA countries amounted to $122.84 million. Moldova's main trade partner from EFTA countries is Switzerland, which accounts for about 81% of trade with EFTA countries, as well as Norway (14.7%). The main Moldovan products exported to the EFTA market are cereals, oils, fruits, nuts, bakery products, wines, textiles. The bill must be approved by Parliament. // 20.03.2024 - InfoMarket
