Government may land new free trade agreements worth billions

Torbjørn Røe IsaksenMinister of Trade and Industry Torbjørn Røe Isaksen (Conservative Party).Photo: Heiko Junge / NTB scanpix

If Norway lands the free trade agreements that are being negotiated,it could generate export revenues for goods up to NOK 44 billion over ten years.

This was shown in a calculation done by the Ministry of Trade and Fisheries.

Norway is negotiating comprehensive free trade agreements with major markets such as China,India and Mercosur (South America), which is a free trade cooperative agreement between Brazil,Argentina, Uruguay, and Paraguay.

For China,a free trade agreement is estimated to provide extra export revenues for goods worth NOK 29 billion over a period of ten years.The corresponding amount is NOK 4 billion for India and NOK 8 billion for the Mercosur countries.

The Free Trade Agreement,signed with Indonesia before Christmas,could provide additional export revenues of up to NOK 3 billion over ten years according to the Ministry.

To Malaysia

Minister of Industry,Torbjørn Røe Isaksen of Høyre (H) will visit Malaysia this week.The Norwegian government,together with EFTA,wants to make progress in the work on a free trade agreement with the country. Negotiations have been going on since 2012.

The minister will meet several representatives of the new Malaysian government, as well as having conversations with Norwegian business and industry. More than 50 Norwegian-controlled companies operate in Malaysia.

A growing market

‘’Malaysia is a growth market that is important for Norwegian business and industry.I will meet Norwegian companies and learn about their framework conditions and activities.The meetings will be important for highlighting Norway, and innovative business and modern Norwegian technology’’ said the Minister of Business and Industry.

In 2018, Norwegian exports to Malaysia amounted to NOK 1.6 billion,and the most important goods were fertilizers, seafood,and industrial equipment. Imports from Malaysia reached NOK 3.6 billion, and the most important goods were iron and steel, electrical appliances, mobile phones,and other computer equipment.”

© NTB Scanpix / #Norway Today