EFTA ECOFIN meeting highlights importance of advancing prosperity through open trade

This annual meeting, held on the margins of the EU Council of Finance and Economic Affairs, is a forum for EFTA and EU Ministers of Finance and Economy to discuss common economic issues. The meeting was chaired by Stephanie Lose, Minister for Economic Affairs of Denmark, which currently holds the Presidency of the Council of the European Union.

On this year’s topic, “Stronger together: advancing prosperity through open trade”, Mr Kristófersson, representing the Icelandic Chair of the EFTA Standing Committee, highlighted rising geopolitical tensions, onshoring, and growing protectionism as threats to the principles of openness and predictability that the EFTA and EU economies depend on. Recent developments in global trade should therefore give cause for concern.

To tackle these challenges, Mr Kristófersson stated that Europe must remain a beacon of rule-based, fair and open trade, and must respond with cooperation and openness while managing the risks. 

Speaking on behalf of the EFTA States, he called on the EU to continue upholding the integrity of the Single Market, and to preserve the unique access to and participation in the Single Market that the EFTA States and EU States enjoy through their longstanding agreements. Simplifying regulation, removing internal barriers and maintaining open markets should be seen as essential to securing Europe’s long-term prosperity.

Lastly, he underlined the common goals of the EFTA States and EU States to uphold open markets, strengthen their economic resilience, and advance prosperity for their citizens.

The other EFTA States were represented at the meeting by Prime Minister of Liechtenstein Brigitte Haas, Minister of Finance of Norway Jens Stoltenberg, and Deputy State Secretary and Head of the Labour Directorate at the State Secretariat for Economic Affairs of Switzerland, Jérôme Cosandey. 

Mr Valdis Dombrovskis, European Commissioner for Economy and Productivity, presented the Commission’s position on the topic and emphasised that the EU and EFTA States share strong common values based on a rules-based economy and a common interest in the principle of open trade.

EFTA Common Paper 

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