A free trade agreement with Indonesia is signed
Norwegian companies gain access to the world’s fourth most populous country. The free trade agreement between Indonesia and EFTA was signed in Indonesia’s capital Jakarta today.
Norwegian Minister of Industry, Torbjørn Røe Isaksen (Conservatives) states:
“Trade agreements are important to our prosperity and provide jobs throughout the country. We, therefore, prioritise efforts to reduce trade barriers and free trade. In uncertain times characterised by protectionism and Trump’s trade war, it is particularly important for Norway to pursue an active trade policy.
After nearly eight years of negotiations, EFTA and Indonesia agreed on a free trade agreement in early November. The agreement is signed in Jakarta on December 16th, 2018, where Norway is represented by State Secretary in the Ministry of Industry and Fisheries, Daniel Bjarmann-Simonsen.
Fourth largest population
Indonesia is the world’s fourth most populous country. It is also the world’s third largest democracy, with an increasing middle class. The country, therefore, constitutes a potentially large market, with stable and large economic growth.
Minister of Fisheries, Harald T. Nesvik (Progress Party) adds:
“The agreement is important for seafood companies. They now have access to a market with 262 million inhabitants and a strongly growing middle class. Last year we exported seafood for NOK 250 million to Indonesia, and the potential for increasing exports is large.
28 free trade agreements
The Free Trade Agreement will enter into force as soon as the Contracting Parties have completed the internal procedures for ratification.
Norway is part of 28 free trade agreements through EFTA. Four of them are in Asia: the Philippines, Singapore, Hong Kong, South Korea. We also have negotiations ongoing in Asia with India, China, Malaysia and Vietnam.
Read more about Norway’s work on international trade here (In Norwegian only).
© Ministry of Fisheries / #Norway Today