Historic Trade Deal Between Ukraine and EFTA

In a significant move to bolster economic relations, Ukrainian Prime Minister Denys Shmyhal announced the signing of a comprehensive free trade agreement with the European Free Trade Association (EFTA) this Tuesday. This landmark deal is set to redefine trade dynamics between Ukraine and the EFTA member states—Iceland, Liechtenstein, Norway, and Switzerland.

Key Highlights of the Agreement

The agreement introduces innovative chapters focusing on e-commerce and support for small- and medium-sized enterprises (SMEs), alongside revised provisions on trade in goods, trade facilitation, and government procurement. Prime Minister Shmyhal emphasized that the updated market access for goods and liberalized trade in specific categories "paves the way for deeper integration into European supply chains."

Trade Figures Between Ukraine and EFTA

Last year's trade between Ukraine and the EFTA reached nearly €1.1 billion. Ukraine's exports were dominated by fats and oils, totaling €37 million, while the EFTA countries exported a variety of goods to Ukraine, including fish and seafood (€229 million), pharmaceutical products (€143 million), and arms and ammunition (€77 million).