TIRANA, Sept. 21 – Albania has strengthened its free trade agreement with the four EFTA member states of Switzerland, Norway, Iceland and Liechtenstein by adding a new chapter on trade and sustainable development, the European Free Trade Association said in a statement.
“With the new chapter to the free trade agreement, both parties undertake to provide for and encourage high levels of environmental and labor protection,” EFTA said.
Merchandise trade between the EFTA States and Albania has doubled over the last ten years, peaking at $56 million in 2013. Since the entry into force of the FTA in 2010, Albania’s exports to EFTA have more than tripled and now account for almost $20 million. EFTA’s main merchandise imports from Albania consist of woven apparel (40 percent), footwear (20 percent) and electrical machinery (15 percent). On the export side, pharmaceutical products account for the majority of EFTA’s exports to Albania (60 percent), followed by printed materials (10 percent) and tobacco products (6 percent).
