The free trade agreement between the EFTA states (Iceland, Liechtenstein, Norway, and Switzerland) and Ukraine came into force June 1. Signed in 2010, the document regulates trade in goods and services between the signees, competition in the market, government procurement, investment, and intellectual property rights protection.

The agreement lists a set of objectives the parties mean to meet in the future – liberalization of trade in goods and services, removing barriers in trade, increase of investment opportunities, promotion of competition in their economies, as well as public tender liberalization.

According to the document, the parties abolish all customs duties on imports of a wide range of products. Moreover, “no new customs duties on imports shall be introduced”, says the text. The agreement also provides for the gradual abolition of export duties. The document includes anti-dumping provisions.

As for investment, the new document guarantees the signees would avoid the imposition of restrictions to safeguard the balance of payments.

In 2011 the bilateral merchandise trade between Ukraine and the EFTA countries reached USD 1.2 billion, reports EFTA official Web site. Over the last decade the annual growth of this indicator amounted to 19 percent. Furthermore, Ukraine is listed as the second most important export destination in Europe outside the EU for the EFTA traders.

Source: FINANCE.UA