New free trade agreement with the Republic of the Philippines

Flag of the PhilippinesFlag of the Philippines.Photo pixabay.com

Norway has signed an FTA with the Philippines. – The agreement will provide Norwegian companies with better access to Asian markets, said the minister of industry, Monica Mæland.

Norway and the other EFTA countries signed the agreement in Bern in Switzerland on Wednesday. – Through the EFTA, Norway deals with several key markets in Asia. I hope that this agreement will contribute to progress in negotiations with Indonesia, Vietnam and Malaysia, all of which are important export markets to Norway, says Mæland in a statement. The new free trade agreement means that most of the Norwegian exports of goods to the Philippines will not be inspected by customs. The agreement will provide a duty-free access for all existing Norwegian fish exports to the country and also open the country as a market for frozen mackerel. Norwegian exports to the country has enjoyed a steady growth in recent decades, last year we exported goods to the Philippines for 675 million kroner, with fertilizers (40 percent), machinery (30 per cent) and fish (15 percent) being most of those goods. On the other, Norwegian’s imports from the Philippines as compared with, were 504 million kroner, with mostly machinery and textiles goods.

Source: NTB scanpix / Norway Today

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