EFTA and the United States hold ninth Trade Policy Dialogue

The EFTA States and the United States held their ninth Trade Policy Dialogue on 14 December 2023 in Washington DC. Ivo Germann, Head of the Foreign Economic Affairs Directorate at the Swiss State Secretariat for Economic Affairs, headed the EFTA delegation. Bryant Trick, Assistant United States Trade Representative (USTR) for Europe and the Middle East, served as the US spokesperson.

The Office of the USTR provided updates on the Biden Administration’s trade policy strategy and activities around the globe. A particular focus was set on EU–US discussions relevant to EFTA–US trade, including the EU–US Trade and Technology Council, trade-related aspects of the Inflation Reduction Act, and the envisaged Global Arrangement on Sustainable Steel and Aluminium. EFTA likewise highlighted its trade policy priorities and ongoing negotiation processes. Delegations also exchanged views on their evolving trade agendas, including with respect to trade and sustainable development, and the scope for deepening discussions under the Dialogue moving forward.

The EFTA States and the US further addressed their priorities in view of the 13th Ministerial Conference of the WTO, which will take place in February 2024 in Abu Dhabi.

On the margins of the Dialogue, the EEA EFTA States reiterated their request for an updated mutual recognition agreement (MRA) for good manufacturing practices for pharmaceuticals, in line with the EU–US MRA in the same domain.

The EFTA–US Trade Policy Dialogue has been held on a regular basis since 2013 and serves as a forum for exchanging views and experiences, as well as raising bilateral trade issues.

The US is EFTA’s second largest trade partner. EFTA’s total exports to the US exceeded USD 58 billion in 2022, with imports amounting to USD 23 billion. Trade in goods has been on an upward trajectory and has mostly recovered from the COVID-19 trade shock in 2020. Both import (+15%) and export flows (+47%) are well above their respective 2019 levels. These strong ties go hand in hand with significant trade in services and foreign direct investment stocks between the US and the EFTA States.

Read more about EFTA–US merchandise trade here.