EFTA-Albania Agreement enters into force

TIRANA, Nov. 2 – Following ratification of the EFTA-Albania Free Trade Agreement by Liechtenstein, Switzerland and Albania, the Agreement entered into force among these three Parties on 1 November 2010. For Iceland and Norway, it will become effective after completion of the respective ratification procedures, EFTA said in a statement
The Free Trade Agreement among the four EFTA States and the Republic of Albania was signed on 17 December 2009. Its focus lies on the liberalization of trade in goods. All customs duties on industrial products, including fish and other marine products, are abolished as of the entry into force of the Agreement. Bilateral arrangements on agricultural products between the individual EFTA States and Albania also form part of the instruments establishing a free-trade area between the Parties. Provisions on the protection of intellectual property rights, on services and investment, and on public procurement complement the Agreement.
In 2009, total merchandise trade between EFTA and Albania amounted to USD 41 million. Exports from the EFTA States consist mainly of pharmaceutical products, machinery, tobacco and electrical machinery. The EFTA States’ leading imports from Albania are footwear, electrical machinery, mechanical appliances, grains and seeds, and woven apparel.