Ukraine signs updated free trade agreement with EFTA countries

The Ukrainian government has signed an updated free trade agreement with four members of the European Free Trade Association (EFTA) – Switzerland, Norway, Iceland, and Liechtenstein.

In a statement released via his Telegram channel, Ukrainian Prime Minister Denys Shmyhal announced the move, describing it as a reboot of the 2010 agreement, now adapted to the new geopolitical and economic landscape, Caliber.Az reports.

"This agreement opens new opportunities for Ukrainian businesses," Shmyhal said.

The updated deal includes key revisions aimed at simplifying trade procedures, aligning sanitary and phytosanitary measures, enhancing government procurement processes, fostering technical cooperation, and strengthening intellectual property protection.

Additionally, separate updates have been signed for agricultural agreements with Norway, Iceland, and Switzerland, which aim to reduce trade barriers and expand access for Ukrainian goods to these markets.

The new agreement marks a significant step forward in Ukraine’s efforts to integrate further into the European economic space.

Notably, ​the European Free Trade Association (EFTA) is an intergovernmental organization established in 1960 to promote free trade and economic integration among its member states: Iceland, Liechtenstein, Norway, and Switzerland. Unlike the European Union (EU), EFTA is not a customs union, allowing members to maintain independent trade policies and negotiate their own trade agreements.

EFTA manages the EFTA Convention, which regulates economic relations among member states, and the European Economic Area (EEA) Agreement, enabling Iceland, Liechtenstein, and Norway to participate in the EU's Internal Market.

The association has developed a global network of free trade agreements, covering over 60 countries and territories, including significant agreements with nations like Canada, Chile, and India.

These efforts aim to enhance trade relations and contribute to economic growth both within Europe and globally.​

By Aghakazim Guliyev