Norway to enjoy free trade with Chile

Norway and the three other EFTA countries (Iceland, Liechtenstein, and Switzerland) have signed a free trade agreement with Chile to stimulate increased trade and cooperation between all these countries, the Norwegian Ministry of Trade, Industry, and Fisheries (NFD) has expressed through a statement.

Precisely, the Minister of Trade and Industry Cecilie Myrseth has signed the agreement on behalf of Norway in Geneva where she is meeting their counterparts of the EFTA countries during the annual ministerial meeting.

"Chile is a large and growing market and an important trading partner for Norway, especially in sectors such as fisheries, aquaculture, maritime transport, and renewable energy," Myrseth assured.

In more detail, Minister of Fisheries and Oceans Marianne Sivertsen Næss clarified: "The new agreement provides tariff-free access for Norwegian fish vaccines, benefiting several players and strengthens Norway's international position."

"It is one of several trade agreements contributing to the government's export goal of increasing mainland exports by 50 percent by 2030," she added.

Background

Already from 2003, the two countries have enjoyed a free trade agreement that has been updated now with a new chapter on small and medium-sized enterprises for the first time in EFTA's history.

Additionally, the new document modernizes trade in goods, services (including financial services), intellectual property rights, public procurement, as well as trade and sustainable development.

According to NFD, the total trade between Norway and Chile in 2022 was around 436 million euros and had an average annual growth rate of 25.9% in imports and 7.6% in exports over the past five years.

In March, Norway and the other EFTA countries reached a historic agreement with India on a trade deal. Through this, Norway's exports are the first in Europe to enjoy tariff-free access for most goods exported to India.