Turkey-EFTA free trade deal to enter into force on Friday

ANKARA

The free trade agreement between Turkey and the European Free Trade Association (EFTA) countries – Iceland, Liechtenstein, Norway, and Switzerland – will enter into force on Friday.

The new deal, which is actually the enlargement of the previous one, was signed in 2018 in Iceland, according to information compiled by Anadolu Agency.

The agreement is expected to increase trade in services as well as goods to Switzerland, Norway, Iceland, and Liechtenstein.

The sides also agreed on protection of intellectual property rights such as patents, trademarks and geographical indications.

For the first time, reciprocity was achieved in terms of data protection on human medicines. Thus, cooperation provisions aimed at facilitating technology transfer were included in an FTA for the first time.

Switzerland will apply lower taxes on some processed agricultural products imported from Turkey than its other free trade deal partners.

Turkey has achieved a more predictable trading environment for service providers and investors thanks to the new deal.

While quotas were removed in road transport, high and discriminatory pricing for transporters was prevented.

Patient mobility was facilitated with Switzerland in the fields of private health, elderly care and wellness services.

The trade volume between Turkey and EFTA, of which population is 14 million and gross domestic product at $1.1 trillion, was around $11 billion in 2020.