EFTA’s Post

🌐Enhancing economic cooperation between EFTA and Ukraine. 🇺🇦   Last week, delegations from #EFTA and #Ukraine met via videoconference for the first round of negotiations towards a modernisation and expansion of their free trade agreement (FTA). 🌍🤝   Thordur Jonsson (Sigtryggsson), the Director of Trade Agreements at the Ministry for Foreign Affairs of Iceland, led the EFTA delegation, while Vitaliy Kunatenko, Deputy Head of the Department of Trade Agreements and Export Development at the Ministry of Economy of Ukraine, headed the Ukrainian delegation.   The delegations made substantial headway during these discussions and concluded the following chapters: - Government Procurement 🏛️ - Trade and Sustainable Development 🌱🌍 - Technical Cooperation 🛠️ - Small and Medium-sized Enterprises 🚀🏢   They also made good progress in all other fields under negotiation.💼   The bilateral merchandise trade between EFTA states and Ukraine has seen robust growth, reaching nearly €1,025 million in 2023, highlighting the mutual benefits of their economic partnership.   #EFTA #Ukraine #TradeNegotiations #EconomicPartnership #TradeAgreements #SustainableDevelopment #FreeTrade

💬 "From 1 July, all EU countries will impose prohibitive duties on Russian and Belarusian cereals and other products. Around 4.8 million tonnes of Russian and Belarusian grain, worth €1.5 billion in exports to the EU in 2023, should no longer enter the EU market. This will also reduce Russia's ability to finance acts of aggression," said Vice-Minister of Foreign Affairs Simonas Satunas during #FACTrade in Brussels. 🌐 The Council discussed how #EU 🇪🇺 trade policy can contribute to improving the EU's competitiveness. Ministers also discussed strengthening trade relations between the EU and African countries, initiatives to reduce Africa's trade dependence on China and Russia. More details - link below in the comments. #LTinEU #LithuaniaInEU #LTPermRepEU

We are warming up ahead of our upcoming report release, by elaborating on our post from two days ago. There, we shared the values of Western exports to Russia’s neighbours and facilitators, arguing that the shaded area of excessive or ‘abnormal’ exports are the goods that end up in Russia. That sums up to above 50 billion dollars since Spring, 2022. Today, we look closer at that shaded area which represents Western shadow exports of sanctioned goods. And we ask ourselves: by which intermediary countries where these sanctioned goods imported from the West and re-exported to Russia? You will see the answer below. This is a summary of 27 Western countries’ excessive exports to 11 studied intermediaries, of which 8 have a notable value (Azerbaijan, Tajikistan, Moldova, and Turkestan would not be visible in the chart, and are omitted). This chart may deceive you, because it looks like the largest chunk of goods flows via Kazakhstan and from there to Russia. But in reality, the orange area only shows how much excessive goods were imported by Kazakhstan companies, not which physical routes the goods took. And it does not entail that the goods were even ever present in Kazakhstan (or Kyrgyzstan, yellow). Some of them were, but many were not. Rather, we believe that maybe half or more of the goods re-exported by traders in Kazakhstan or Kyrgyzstan, actually entered Russia via Belarus or Turkey, and not via Central Asia. The most clear shift is the reduction of shadow exports to Belarus, and the increase of circumvention via Turkey. The reduction in trade via Kazakhstan and Kyrgyzstan then, is probably connected with the reduction of trade via Belarus. The moving force behind the success is partly the EU’s summer 2023 transit ban for some goods, and partly the choice of Baltic countries to close or choke their export borders to Belarus. We will especially highlight the good work done by the key former intermediary if that trade - Lithuania - who have virtually stopped shadow exports via Belarus by introducing total controls at the borders. Latvia has done much of the same, while Finland has closed down direct export crossings to Russia and introduced harsh controls on the two remaining trade passages. Ministry of Foreign Affairs of Lithuania | #StandWithUkraine Ministry for Foreign Affairs of Finland Ārlietu ministrija | Ministry of Foreign Affairs of the Republic of Latvia Ministry of Foreign Affairs of the Republic of Poland

The picture might look a bit blurry - it even looks like I am bit crazy while talking about free trade between #Ukraine and #Norway and Pan-Euro-Med Convention =). But who knows, maybe I am a bit crazy about the free trade rules of origin). This time we held a presentation for the Norwegian – Ukrainian Chamber of Commerce (NUCC) about export opportunities, together with Iryna Pavlenko. Looks, like lately we speak quite extensively about Pan-Euro-Med (including transitional rules). However, based on the results of the European Business Association yearly Customs Index*, only 10 % of the companies are trying to implement Transitional PEM rules, up to 30 % - only planning to. Even though Transitional rules will become a main set already in 2025. *Full results of Customs index can be found here: https://lnkd.in/eHWPNYuk With this in mind, we continue our series of workshops on the preferential origin together with USAID Competitive Economy Program in Ukraine (USAID CEP). See you this Friday (April 12th) in Uzhgorod, and on April 24 in Kyiv! Registration form: https://bit.ly/3wfVNkC #customscompliance #customs #EU #internationaltradelaw

GCC Inks Free Trade Deal with South Korea The Gulf Cooperation Council (GCC) recently finalized a landmark agreement by signing a free trade deal with South Korea, marking a significant stride in fostering economic ties between the two regions. The pact, reached after extensive negotiations, aims to streamline trade barriers and enhance cooperation across multiple sectors. #economy #FreeTradeDeal #GulfCooperationCouncil #Internationaltrade #SouthKorea

A significant step forward in trade relations for Kosovo! The European Investors Council congratulates Kosovo 🇽🇰 and the EFTA States 🇨🇭 🇳🇴 🇱🇮 🇮🇸 on the successful conclusion of the Free Trade Agreement negotiations. This milestone is set to boost trade, foster economic growth, and attract new investment opportunities. We look forward to the positive impact this will have on our members and the wider business community. #EFTA #Kosovo #TradePartnership #EconomicGrowth #InvestmentOpportunities https://lnkd.in/erfWUYdS

Free trade agreements between EAEU, partners in Middle East, Asia nearing finalization Russian Industry and Trade Minister Anton Alikhanov also suggested that the possibility of cooperation between BRICS and EAEU be considered NIZHNY NOVGOROD, August 16/ Agreements on a free trade zone between the Eurasian Economic Union (EAEU) and the United Arab Emirates (UAE), Indonesia and Egypt are almost finished, Russian Industry and Trade Minister Anton Alikhanov said at a meeting of BRICS industry ministers. "Free trade agreements are a major and efficient mechanism of developing the EAEU’s relations with foreign partners. They allowed seriously increasing trade turnover with Vietnam, Serbia and Iran. Agreements with the United Arab Emirates, Indonesia and Egypt are at advanced stages," he said. The minister also suggested that the possibility of cooperation between BRICS and EAEU be considered. "Today the EAEU is a deeply integrated regional economic integration between five countries: Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. On the EAEU space the freedom of movement of goods, services, capital, workforce is ensured. A common regulatory policy is pursued in key sectors of the economy. Due to this, the Union is actively developing, with mutual trade and industrial cooperation growing," he stressed. #business #finance #financialservices

Russia, Iran boost trade turnover by 48% in Q1 2024 Alexander Novak introduced Russian Energy Minister Sergey Tsivilev as the new chairman of the Russian part of the Russian-Iranian commission on trade and economic cooperation MOSCOW, June 14/ Russia and Iran increased the trade turnover by 48% year on year as of the end of the first quarter of 2024, with Russian exports to Iran surging by 778% and imports from Iran by 13%, the press service of the Russian government said after the meeting between Deputy Prime Minister Alexander Novak and Oil Minister of Iran Javad Owji. The parties discussed bilateral interaction in all tracks of the intergovernmental commission, including cooperation in economic, energy and transport spheres, and in tourism. Novak introduced Russian Energy Minister Sergey Tsivilev as the new chairman of the Russian part of the Russian-Iranian commission on trade and economic cooperation. #business #finance #financialservices

Share of friendly countries over 80% in Russian foreign trade turnover — PM "Such dynamics has become the consequence of significant incremental growth of Russian exports - by almost 11.5%," Mikhail Mishustin noted MOSCOW, August 13/ The share of friendly countries in the Russian foreign trade turnover was above 80% in value terms this year, Prime Minister Mikhail Mishustin said at the strategic session of the government dedicated to international cooperation and exports. "The share of friendly countries in the foreign trade turnover continues growing vigorously, despite all the attempts to prevent the dialog with potential and current partners," the prime minister said. "This indicator exceeded 80% in value terms according to results of the first five months of this year, while, I would like to mind, it was about a half just two years ago," Mishustin said. "Such dynamics has become the consequence of significant incremental growth of Russian exports - by almost 11.5%," Mishustin added. #business #finance #financialservices

Uzbekistan plays an active role in shaping the further development of the Middle Corridor. The country is strengthening cooperation with the Asia-Pacific region with the aim of increasing exports, nomenclature in regional markets, and attracting large volumes of investment. The expansion of ties with countries in South Asia, the Middle East, and Africa continues, within the framework of which new transport and logistics corridors are being formed to facilitate Uzbekistan's access to the world market. Uzbekistan is making significant progress toward this objective. Specifically, Uzbekistan aims to become a member of the World Trade Organization and is actively striving to align its domestic laws and law enforcement procedures with World Trade Organization agreements, standards, and guidelines. #uzbekistan #middlecorridor #trade #transportation #logistics #development