While international trade barriers loom in the background, the Minister of Trade and Industry, attends an EFTA meeting to strengthen Norwegian trade agreements.
Norwegian Minister of Trade and Industry, Torbjørn Røe Isaksen, partook in the annual meeting of EFTA. Which this year was held in Lichtenstein. The Minister was there to discuss future trade agreements to benefit Norwegian trade.
The Minister pointed out that today's situation is unpredictable and that uncertainty affects all countries.
After Trump’s statement of a supposed additional 25 percent tax on imports of cars and car parts into the U.S., concerns have been voiced. The new import tax set to take effect in November 2019.
”If customs duties are imposed on cars and car parts by the USA, and the EU responds to this, it will have consequences for both Norway and the world economy. Norway is among the largest [when it comes to] ships carrying cars, and these companies will probably be hit,” the Minister says.
The G20 Summit
On Friday the world's most powerful countries will participate in the G20 Summit, this year held in Japan. The global trade war dominates the agenda, and there are great hopes for talks between the US and China.
Norwegian Minister of Trade and Industry, Isaksen, hopes that the G20 Summit will be able to help Norwegian business stand stronger than what is currently being forecasted.
”I am very concerned about the global trade war, because Norway as a small and open country can risk ending up in a tight spot where we become vulnerable to trade restrictions” Isaksen says.
The European Free Trade Association (EFTA)
EFTA was founded in 1960 to facilitate trade, growth and prosperity among the member states of EFTA.
Today the free trade area consists of Norway, Iceland, Switzerland and Liechtenstein.
The Presidency of EFTA rotates. Norway will take over Presidency in July 2019, which means that Norway will lead the EFTA council: the top decision-making in EFTA.
EFTA has entered into 29 trade agreements with 40 countries.
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