The EFTA States Iceland, Liechtenstein, Norway and Switzerland signed a free trade agreement was signed in Geneva, Switzerland, on 17 December 2004.
Entry into force
1 June 2005.
The Free Trade Agreement covers trade in industrial products, including fish and other marine products, and processed agricultural products. In addition, individual EFTA States and Tunisia concluded bilateral agreements on basic agricultural products, which form part of the instruments creating the free trade area.
The main objective of the Agreement (Article 1) is to achieve the liberalisation of trade in goods in conformity with Article XXIV of the GATT 1994. By 1 July 2008, customs duties on almost all industrial products will have been eliminated.
The Agreement also includes provisions relating to the elimination of other trade barriers as well as trade-related disciplines including rules of competition, state monopolies and subsidies. Moreover, the Agreement contains provisions on the protection of intellectual property, investment, services, current payments and capital movements, government procurement, economic co-operation and institutional and procedural matters. The Agreement establishes a Joint Committee which supervises its application and provides for binding arbitration.
Delegations from the Member States of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland - and Tunisia held their first Joint Committee meeting on 27-28 Feb, to discuss various aspects relating to the agreement and its implementation since the entry into force.