Switzerland Signs Free Trade Agreement With Moldova

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The agreement between the European Free Trade Association (EFTA) states and the Republic of Moldova was signed on behalf of Switzerland by economics minister Guy Parmelin. The ceremony took place during the EFTA Ministerial Conference held in Schaan, Liechtenstein, on June 27.

The agreement has provisions on industrial goods, processed and unprocessed agricultural products, technical barriers to trade, protection of intellectual property, among other areas. Moldova is also the first partner country with which EFTA has agreed provisions on electronic commerce.

“With the conclusion of the FTA [free trade agreement] with Moldova, Switzerland is continuing its successful free trade policy and is thus strengthening the competitiveness of its economy,” wrote the government in a press releaseExternal link. This is also intended to step up economic reforms and the integration of Moldova into European and international trade systems.

The bilateral trade volume between Switzerland and Moldova was around CHF50 million ($55.9 million) in 2022. Switzerland has strengthened ties with Moldova over the last year since the outbreak of war in neighbouring Ukraine. In February, the Swiss government said it planned to send CHF140 million ($151 million) in further humanitarian aid to Ukraine and Moldova.

A government report found that Swiss companies saved CHF2.3 billion in customs duties in 2020 thanks to free trade agreements.

Source : SwissInfo