Joint EFTA-Russia Group finalises study

The Joint EFTA-Russia Study Group was established by Ministers of the Member States of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland) and of the Russian Federation on 2 December 2007. Since January 2008, the Study Group met four times, alternatively in Moscow and Geneva.

The Joint Study Group examined the trade and investment linkages between EFTA and Russia, reviewed the existing national and bilateral regulatory framework, and evaluated the possibility of a future free trade agreement between both sides. After putting in the finishing touches and in line with the mandate given, the Group will submit its report and recommendations to Ministers by November 2008.

Total merchandise trade between the EFTA countries and Russia has increased strongly in recent years. In 2007, it reached 6.8 billion USD, with EFTA's exports to Russia amounting to 3.5 billion USD, and imports to 3.3 billion USD. Russian statistics show even higher figures. Bilateral trade in services and foreign direct investment has also experienced significant growth.