Vietnam signs free-trade deal with Norway, Switzerland, other European countries

Norway, Switzerland, Iceland and Liechtenstein have signed a free-trade agreement with Vietnam, the governments of Norway and Vietnam announced on Sunday.

Vietnam's trade ministry said it signed the deal in Hanoi with the European Free Trade Association members.

Around half of Norway's exports to Vietnam will be tariff-free when the agreement enters into force, with more than 98% to be tariff-free within seven years, the Norwegian government said in a statement.

Long-stalled free-trade talks were relaunched last year amid global tensions over US tariffs. Negotiations concluded in July.

Vietnam's trade ministry said the Southeast Asian country mainly exports seafood, footwear, textiles, machinery and equipment, electronics and components to the EFTA market and imports industrial machinery and equipment, chemicals, pharmaceuticals, and raw materials for production.

Bilateral trade between Vietnam and EFTA member countries has averaged $2 billion annually, the ministry said.

Reporting by Akanksha Khushi in Bengaluru and Mikhail Flores in Manila; Editing by William Mallard/Reuters