Norway and Thailand signs Historic Free Trade Agreement
Norway and Thailand signs Historic Free Trade Agreement
Norway and the other EFTA countries have signed a historic free trade agreement with Thailand. The agreement will give virtually all goods from Norway zero tariffs into Thailand.
– Thailand is one of the fastest growing economies in Southeast Asia, and an important market for Norwegian business. This agreement will give Norwegian businesses better market access and greater predictability in their trade with Thailand, says Ministerial EFTA Chair and Norwegian Minister of Trade and Industry, Ms Cecilie Myrseth.
Trade between Norway and Thailand has increased steadily in recent years, not least as a result of strong growth in Norwegian seafood exports. In 2023, total trade between Norway and Thailand was around 12 billion Norwegian kroner. With the new free trade agreement, 83 percent of trade will be duty-free from entry into force. After 15 years, 99.8% of Norwegian exports to Thailand will be duty-free.
– Trade agreements are important for a small and open economy like Norway, not least at a time when we see many countries building up their trade barriers. The agreement with Thailand is part of a series of important trade agreements that have been signed in the past year, says Norwegian Minister of Trade and Industry, Ms Myrseth.
Background
- Negotiations between Thailand and the four EFTA countries Iceland, Liechtenstein, Norway and Switzerland started on 20 June 2022, and were completed on 29 November 2024.
- The agreement was signed on 23 January 2025 in Davos, Switzerland, during the World Economic Forum.
- The free trade agreement contains an ambitious chapter on trade and sustainable development.
- Important exports from Norway to Thailand include seafood, fertilisers, wood pulp and iron and steel products. Imports from Thailand to Norway are mainly iron and steel products, machinery and vehicles.
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