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 on Wednesday ratified the Free Trade Agreement between Moldova and the EFTA member states – Iceland, the Principality of Liechtenstein, the Kingdom of Norway and the Swiss Confederation, IPN reports.

Deputy Prime Minister Dumitru Alaiba, Minister of Economic Development and Digitalization, said that the agreement will encourage more companies from EFTA countries to invest in Moldova, which will expand trade, develop joint investments and remove restrictions on trade in goods. Also, the document provides for the reduction of customs duties on imports of products from EFTA countries, creating conditions for fair competition in the economic cooperation between the parties and advancing electronic commerce.

The ratification of the Trade Agreement between the Republic of Moldova and EFTA member states will also open up a number of opportunities for creating new jobs in various sectors of the Moldovan economy. The indirect benefits concern the welfare of the population and domestic economic agents oriented towards export.

In 2023, the exports of Moldovan products to the EFTA market came to US$33.34 million, while imports amounted to US$64.1 million.

The Free Trade Agreement between the Republic of Moldova and EFTA member states (Iceland, Liechtenstein, Norway and Spiceland) was signed on June 27, 2023 in Schaan, the Principality of Liechtenstein.