Moldova signs Free Trade Agreement with states of European Free Trade Association

Chisinau, 27 June /MOLDPRES/ - The Free Trade Agreement with the states of the European Free Trade Association (EFTA) (Iceland, Liechtenstein, Norway and Switzerland) was signed in the presence of Prime Minister Dorin Recean and Deputy Prime Minister Economic Development and Digitalization Minister Dumitru Alaiba in Liechtenstein today.   

According to the government’s communication and protocol department, the signing of the agreement will consolidate the economic cooperation between the states, will facilitate the trade with assets and services, will cut the customs duties on the export of Moldovan farming products and Moldova will remove all customs duties on the imports of industrial products. The document also comprises provisions dealing with the electronic trade.     

The Moldovan PM described this moment as a historical one in the development of the relations with the participating countries. Dorin Recean said the document would bring numerous benefits to Moldova, such as: more investments and jobs; increase in exports, diversification of the commercial partners, economic stability and better integration on the European market.  

„Despite multiple crises faced by our country, we are looking for new export markets for the Moldovan products and new opportunities for the business people. The signing of such an agreement consolidates the economic relations between Moldova and the western countries, stimulates the international cooperation and conveys a clear message to our partners – Moldova observes the principles of the fair commerce and promotes a transparent and predictable environment for the cross-border commercial transactions,’’ Prime Minister Dorin Recean said.     

The negotiations on the Agreement were preceded by a Joint Declaration on cooperation, signed in November 2017. At the same time, five full rounds of negotiations and more sessions of discussion, in which the concerned countries participated, took place during March 2021-March 2023.

„The signing of the agreement with the EFTA countries opens the gates for Moldovan products in a highly qualitative commercial environment, giving access to a diverse segment of consumers and willing to pay premium prices for the high quality assets. This provides a huge potential of growth for the Moldovan exporters and can generate significant incomes for the country’s economy,’’ Deputy Prime Minister Economic Development and Digitalization Minister Dumitru Alaiba said.    

According to the National Statistics bureau, in 2022, the value of imports and exports between Moldova and the EFTA states stood at 122.84 million dollars.

So far, the European Free Trade Association has signed 29 free trade agreements with Non-European Union countries.   

Photo: Government