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Can Norway Sign Free Trade Agreements

EFTA has concluded several free trade agreements with third countries, as well as declarations of cooperation and joint working groups for improving trade. Currently, in addition to the 28 Member States of the European Union, EFTA states have established preferential trade relations with 24 countries and territories. [46] Thus, Norway is currently negotiating a free trade agreement with the Chinese economic superpower. Norway is not in the European Union and Britain left the bloc on 31 January, but both countries still operate under the same market rules of the European Economic Area (EEA), which consists of EU member states and EFTA (European Free Trade Association). EFTA was historically one of the two dominant trading blocs in Western Europe, but it is now much smaller and closely linked to its historical competitor, the European Union. It was created on 3 May 1960 as an alternative trading bloc for European states that were unable or unable to join the European Economic Community (EEC), then the EU`s main predecessor. The Stockholm Agreement (1960 establishing EFTA) was signed on 4 January 1960 in the Swedish capital by seven countries (known as the “Seven Outsiders”: Austria, Denmark, Norway, Portugal, Sweden, Switzerland and the United Kingdom). [5] A revised agreement, the Vaduz Convention, was signed on 21 June 2001 and came into force on 1 June 2002. [6] The Geneva headquarters manages and negotiates free trade agreements with third countries and assists the EFTA Council. OSLO (Reuters) – Norway and Britain have signed a temporary and limited agreement to maintain trade in goods in the absence of a final Brexit trade deal by the end of the year, as the Norwegian Ministry of Industry announced on Wednesday. “An important reason is that we are very dependent on international trade. From Viking times, we sold dried fish abroad. Today, as a small country with a unilateral industrial structure that relies heavily on raw materials, we depend on exports.

Try to imagine what it would be like if we had to spend all our oil ourselves,” says Medin. “And,” she notes, “with the UK – one of our main trading partners – withdrawing from the EU, we will probably have to negotiate a separate free trade agreement with them.” In 1992, EFTA and the EU signed the European Economic Area Agreement in Porto, Portugal. However, the proposal for Switzerland to ratify its participation was rejected in a referendum.

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