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International Free Trade Agreements

International Free Trade Agreements. Screening Iceland Chapter 30, External Relations – Bilateral Brussels, 19 May 2011. Introduction. European Free Trade Association – EFTA European Economic Area – EEA EFTAs Free Trade Agreements Bilateral Free Trade Agreements Termination of Agreements

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International Free Trade Agreements

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  1. International Free Trade Agreements Screening Iceland Chapter 30, External Relations – Bilateral Brussels, 19 May 2011

  2. Introduction • European Free Trade Association – EFTA • European Economic Area – EEA • EFTAs Free Trade Agreements • Bilateral Free Trade Agreements • Termination of Agreements • Issues that require specific attention in the negotiations

  3. EFTA – Vaduz Convention • Member of EFTA since 1970 • The scope of the EFTA Convention was expanded in 2002; • trade in services and investment; • mutual recognition of conformity assessments; • free movement of persons, social security and mutual recognition of diplomas; • land and air transport; • public procurement; • intellectual property rights. • The Convention is updated by the EFTA Council on a continuous basis

  4. European Economic Area – EEA • Free movement of goods, services, capital and persons among Iceland, Liechtenstein, Norway and the EU members • Does not entail a common external tariff • Iceland and the other EEA/EFTA states transpose into domestic law, on a continuous basis EU legislation covered by the Agreement

  5. EFTAs Free Trade Agreements • One of the world’s largest networks of preferential trade relations • Preferential access to markets of 670 million consumers

  6. EFTA - Current Free Trade Agreements • 22 FTAs covering 31 countries • Turkey, Israel, Morocco, Palestinian Authority, Macedonia, Mexico, Jordan, Croatia, Singapore, Chile, Lebanon, Tunisia, Republic of Korea, the Southern African Customs Union (SACU), Egypt, Canada • Colombia, the Gulf Cooperation Council (GCC), Albania, Serbia, Ukraine and Peru • Joint Declarations on Cooperation • Malaysia, Mauritius, Mercosur, Mongolia, Montenegro, Panama

  7. EFTA – Negotiations in Progress • Bosnia-Herzegovina • Montenegro • Hong Kong, China • India • Indonesia • Russia, Belarus and Kazakhstan --- • Algeria • Thailand

  8. EFTA – Dialogues on Closer Trade Relations • Central American States • Malaysia • Vietnam

  9. What is in an EFTA Free Trade Agreement? • First generation EFTA Free Trade Agreements (FTAs) establish a free trade area between the partner countries by: • providing for free trade in industrial goods, including fish and other marine products; • liberalising trade in processed agricultural products; • including trade disciplines; and • establishing rules on customs and origin matters. • Trade in basic agricultural products is covered by bilateral agreements between the individual EFTA States and the partner country, which form part of the instruments establishing the free trade area.

  10. What is in an EFTA Free Trade Agreement? (2) • Second generation elements: • Intellectual Property Rights • Services • Investment • Government Procurement

  11. Bilateral Trade Agreements • Trade Agreement with the EU (1972) • Trade in industrial products, fish products, and processed agricultural products • Agricultural Agreement with the EU (2007) • Faroe Islands • the most extensive FTA • Greenland • Ongoing negotiations • China

  12. Termination of Preferential Trade Agreements (1) • EFTA Convention/EEA • Withdrawal by a written notification to the Depositary/other parties twelve months prior to withdrawal taking effect • EFTAs Free Trade Agreements • Withdrawal by a written notification to the Depositary. Takes effect on the first day of the sixth month after the date on which it was received by the Depositary • Bilateral Agricultaral Agreements expire

  13. Termination of Preferential Trade Agreements (2) • Trade Agreement with the EU • Withdrawal by means of written notification, which shall take effect twelve months thereafter • Agricultural Agreement with the EU • No provisions • Faroe Islands • Withdrawal by means of a written notification to the other Party, which shall take effect on the first day of the next month after the end of a twelve months period from the receipt of the notification • The benefits that the Agreement provides for investors and service providers, shall remain in place for a period of at least five years after the termination of the Agreement • Greenland • Withdrawal by means of a notification to the other Party, which shall take effect twelve months after the date of the notification

  14. Issues that Require Specific Attention in the Negotiations • Securing market access of Icelandic export goods and services in existing free trade agreements of the EU and in FTAs that are being negotiated by the EU • Market access to be comparable to current preferential trade arrangements of Iceland • Securing Iceland'simportinterests, such as regarding raw material for industry and fish and related products for procesessing of fish and other marine products • Securing Iceland's interests in the import of services. • Secure trade relations with the Faroe Islands, bearing in mind the current comprehensive Free Trade Agreement between Iceland and the Faroe Islands

  15. Ministry for Foreign Affairs http://www.mfa.is EU Application Website http://europe.mfa.is/ 15

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