Ukraine, EFTA announce talks to update free trade agreement
MOSCOW. June 28 (Interfax) - Ukraine and the European Free Trade Association (EFTA), uniting Iceland, Liechtenstein, Norway and Switzerland, have announced the beginning of negotiations to update the free trade agreement (FTA) and improve economic climate.
"The Ukrainian government highly appreciates the readiness of EFTA members to review and broaden the scope of the free trade agreement. [...] An update of this agreement will create new, favorable climate for economic relations and trade and will promote the emergence of a competitive market economy and the development of key industries," Ukrainian media quoted Ukrainian First Deputy Prime Minister, Economy Minister Yulia Sviridenko as saying in a press release of the Economic Ministry.
The first meeting was held on Tuesday with the participation of Sviridenko and EFTA ministers, who declared the beginning of domestic procedures to update the package of free trade agreements.
It is planned to augment the new edition of the free trade agreement with sections regarding small and medium companies, trade and sustainable development, e-commerce and technical cooperation.
It is also planned to update sections concerning trade in goods, technical barriers in trade, sanitary and phytosanitary measures, facilitated trade procedures, protection of intellectual property, and public procurement.
Ukraine is interested in the utmost liberalization of customs duty rates, preferential rates, and non-tariff measures for all goods, the ministry said.
"A review of the agreement is a step to develop economic relations between our countries. Another step is to draw international businesses into reconstruction and recovery of Ukraine," Sviridenko said.
The EFTA is a free trade area formed in 1960. It currently comprises customs territories of four European countries unaffiliated to the EU: Iceland, Liechtenstein, Norway and Switzerland. The free trade area offers free trade in goods and services to members and does not apply to agricultural products. It also guarantees free movement of capital and individuals.