EFTA and ASEAN deepen relations with Joint Declaration on Economic Cooperation

On the EFTA side, Ms Hilde Solbakken, Ambassador to Laos and Vietnam, representing the current EFTA Chair Norway, as well as State Secretary Ms Helene Budliger Artieda from the Swiss State Secretariat for Economic Affairs, participated in the meeting in Vientiane, while Ambassador Einar Gunnarsson, Permanent Representative of Iceland to EFTA, WTO and the UN and Ambassador Frank J. Büchel, Permanent Representative of Liechtenstein to EFTA, WTO and the UN attended online.

The adoption of the JDC represents an important step in the relations between EFTA and ASEAN, deepening dialogue and cooperation on economic matters and serving as a stepping stone in enhancing trade and investment relations between the Parties.

Based on EFTA's statistics, total trade between EFTA and ASEAN expanded from EUR 10.9 billion in 2010 to EUR 34.4 billion in 2023, reflecting an overall increase of 216.9% in nominal terms. This corresponds to an impressive average annual growth rate of 9.3% between 2010 and 2023. Imports into the EFTA States grew more rapidly than exports, with an annual growth rate of 10.4% for imports compared with 8.2% for exports. As a result, the trade surplus previously in favour of EFTA gradually diminished over this period. Between 2019 and 2023, ASEAN economies held a trade surplus in four of the five years. Imports and exports both peaked in 2022, with total trade largely surpassing EUR 40 billion between the two regions. Preliminary data for 2024 based on the first half of the year suggest a continued strong trade performance, in line with previous years.