EFTA and Singapore Discuss Free Trade Relations

Published 14-03-2007
Delegations from the Member States of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland – and Singapore held their second Joint Committee meeting today and discussed various aspects of the EFTA-Singapore Free Trade Agreement.

Mr Naing Oo Minn, Acting Director, WTO and International Trade Negotiations at the Ministry of Trade and Industry, headed the Singaporean Delegation, while Mr. Norbert Frick, Ambassador, Permanent Representative of Liechtenstein to EFTA and the international organisations in Geneva, acted as EFTA Chairman.

The Joint Committee adopted five Decisions that will, after their entry into force in the coming months, further facilitate the trade in goods between Parties. Moreover, it is the aim to agree on concrete improvements in the mutual market access for trade in services later this year.

According to the statistical sources available to the EFTA Secretariat, the value of EFTA-Singapore merchandise trade, imports and exports, amounted to 2.6 billion USD in 2006. The EFTA States rank high in terms of Foreign Direct Investment (FDI) in Singapore. In 2004, Switzerland was the country’s third largest European country to invest in Singapore, with Norway following in fifth place.