The member states of the European Free Trade Association (EFTA), including Iceland, Liechtenstein, Norway and Switzerland, signed a free trade agreement with Egypt and entered into force in 2007 in order to support and increase bilateral trade between Egypt and the EFTA countries, as well as promote economic integration in the Euro-Mediterranean region by liberalizing trade in manufactured industrial and agricultural products, accordingly, Egyptian exports of industrial products are being liberalized, and the Egyptian customs tariff on industrial imports from EFTA countries will be gradually reduced until January 2020 when customs duties on all industrial products will be completely abolished.
Commercial advantages of the agreement:
Cancel all customs duties and taxes on Egyptian industrial exports to the EFTA countries.
Granting Swiss companies the opportunity to establish export industries in Egypt to export their products to the EFTA countries.
Providing advantages and customs exemptions for Egyptian exports to the EFTA countries of agricultural goods, especially products of importance to Egypt such as potatoes, oranges, tomatoes and flowers.
Egypt’s application of the Euro-Mediterranean rules of origin that were applied to the Egyptian-European Association Agreement.
Cancel all customs tariffs on fish and other marine products within fourteen (14) years from the date of the agreement.
Egypt received financial and technical assistance from IFTA countries to develop the agricultural and fisheries sectors and contribute to many projects aimed at transferring its expertise in the fields of textiles, clothing and pharmaceutical products.
Ifta prepares a feasibility study in the field of fishing on how to make the most of Lake Nasser.
The adoption by the parties of the policy of gradual liberalization and the policy of open markets for trade in services within the framework of the basic provisions of this type of trade agreements.
The commitment of the IFTA countries to strengthen their economic cooperation with Egypt and provide technical assistance to facilitate the implementation of the agreement, including working to improve trade and investment opportunities and support the continuity of achievements in the field of economic and social development.
The economic cooperation focused on the sectors facing challenges and on growth as well as on providing job opportunities in Egypt, in addition to signing bilateral memorandums of understanding on cooperation projects between Egypt and Iceland, Norway and Switzerland.
Establish a joint committee to oversee the implementation of the agreement and the arbitration process.
