The exporters of Moldovan products will benefit from better commercial and economic conditions on the market of the member states of the European Free Trade Association (EFTA). The Cabinet approved the ratification of the free trade agreement between Moldova and the EFTA member states. The document was signed in Schaan, Principality of Liechtenstein, on June 27, 2023.
The agreement will encourage more companies from the EFTA countries to invest in Moldova, which will extend the trade exchanges, will develop the joint investments and will remove the restrictions from the commerce of goods. At the same time, the document sees the cutting of customs duties on the products from the EFTA countries, creation of conditions of fair competition in the economic cooperation between the sides and the advancement of the electronic trade.
Also, the ratification of the agreement on commerce between Moldova and the EFTA member states will open a string of opportunities for the creation of new jobs in diverse sectors of the Moldovan economy. Also, the indirect benefits regard the welfare of the residents and the native economic agents oriented to export.
In 2023, the exports of Moldovan products to the EFTA market reached $33.34 million and the imports amounted to $64.1 million.
Presently, the European Free Trade Association is made up of four states – Iceland, Principality of Liechtenstein, Norway and the Swiss Confederation. (Moldpres/Business World Magazine)