Moldova has signed a Free Trade Agreement with the European Free Trade Association (EFTA).
This will facilitate the access of Moldovan products to the richest markets in the world. EFTA includes Iceland, Liechtenstein, Norway and Switzerland. The free trade agreement between Moldova and EFTA was signed during the meeting of ministers of the EFTA countries in Schaan (Liechtenstein). The Moldovan delegation was led by Prime Minister Dorin Recean and Deputy Prime Minister, Minister of Economic Development and Digitalization Dumitru Alaiba. They noted that the signing of an agreement with EFTA is an important step for Moldova in terms of expanding export markets and strengthening trade relations. Having achieved the abolition of duties and tariffs for Moldovan products in Switzerland, Iceland, Liechtenstein and Norway, our country receives new export opportunities and attracts the attention of extremely prosperous economies. “We are determined to follow the path of economic diversification, stability and European integration. And together with other EFTA partners, we will work to realize the full potential of this agreement and ensure a prosperous future for the citizens of Moldova,” said Dorin Recean. In turn, Dumitru Alaiba thanked the EFTA member countries for their openness towards Moldova, given the regional crisis and the difficulties our country is facing. “The signing of an agreement with EFTA countries opens the door for Moldovan products to a high-quality commercial environment, providing access to a diverse consumer segment willing to pay premium prices for high-quality goods. This offers huge growth potential for Moldovan exporters and could generate significant revenue for the country's economy. Thanks to easier access to prosperous markets, our country has the opportunity to promote its products and services at the international level, attract foreign investment and create jobs in key sectors of the economy,” the Deputy Prime Minister noted. In turn, Moldovan President Maia Sandu, commenting on the signing of the Free Trade Agreement with the European Free Trade Association (EFTA), noted that this will allow Moldovan producers to export goods without paying customs duties to 4 EFTA member countries: Iceland, Liechtenstein, Norway and Switzerland, and opening up new export markets for our entrepreneurs means more sales, higher incomes and more jobs at home. According to the head of state, after more than 2 years of negotiations, the signing of this agreement became possible thanks to the constant dialogue and openness of European partners to our development agenda. “This is another important step towards our economic integration into Europe, which contributes to maintaining stability and improving the well-being of citizens. “By promoting fair trade and a transparent environment, we ensure that Moldova becomes an attractive place for investors and our producers get more export opportunities,” Maia Sandu said. According to the National Bureau of Statistics, in 2022, the volume of imports and exports between Moldova and the EFTA countries amounted to $122.84 million (0.9% of our country's total trade last year). At the same time, the export of Moldovan products to the market of the EFTA countries in 2022 amounted to $66.7 million, and imports from there - $56.14 million. The positive trade balance amounted to $10.56 million. Moldova's main trading partner from the EFTA countries is Switzerland, which accounts for about 81% of trade volumes 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. //27.06.2023 — InfoMarket.
