The EFTA States and Russia have agreed on a Record of Understanding establishing a Joint Russia-EFTA Study Group to examine closer trade and investment relations. For practical reasons the document was signed today (4 December) in Moscow by the Russian Minister of Economic Development and Trade, Ms. Elvira Nabiullina, and the Norwegian Minister of Trade and Industry, Mr. Dag Terje Andersen; and in Geneva on 2 December by the Icelandic Minister of Foreign Affairs, Ms. Ingibjörg Sólrún Gísladottir, the Swiss Federal Councillor of the Department on Economic Affairs, Ms. Doris Leuthard, and Liechtenstein’s Minister of Foreign Affairs, Ms. Rita Kieber-Beck.
The main objective of the Joint Russia-EFTA Study Group is to examine closer trade and investment relations between Russia and the EFTA States which could pave the way for negotiations of a free trade agreement between EFTA and Russia as soon as Russia has acceded to the WTO.
The Joint Study Group will present its findings at the latest by November 2008.
Trade between the EFTA States and Russia has substantially increased over the last few years. Important EFTA exports include pharmaceutical products; fish and other marine products; machinery and mechanical appliances. Important imports include precious stones; aluminium and articles thereof; mineral fuels and oil.