Vietnam and EFTA get new free trade agreement
Published
Vietnam has signed a new free trade agreement (FTA) with EFTA, which includes Norway. This is the 18th free trade agreement that Vietnam has concluded with other countries. The agreement is important for trade between the countries.
The agreement covers 14 major areas. This means it deals with many different parts of trade and economics. EFTA consists of Norway, Iceland, Switzerland and Liechtenstein. The organisation is a cooperation between countries that are not members of the EU, but which have close economic cooperation with the EU.
Free trade agreements are usually about making trade easier between the countries. The aim is often to reduce tariffs and other barriers to goods and services. For Norwegian businesses, this may mean better access to the market in Vietnam, which is a country with strong economic growth in recent years.
It is not yet clear what consequences the agreement will have in practice. It will be followed up further by the authorities in the various countries. The news shows that Vietnam continues to build ties with other countries and regions around the world.
Sources: Vietnam.vn
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