Bilateral trade between Norway and the Philippines jumped last year by a total of 120 percent. In 2020, the growth rate was 19.53 percent.
Manila Bulletin writes that the increase is promoted by the implementation of the free trade agreement with the European Free Trade Association (EFTA) which is composed of Norway, Iceland, Liechtenstein, and Switzerland.
During a networking gathering hosted by the Philippines Norway Business Council (PNBC), Angelo Salvador M. Benedictos, Bureau of International Trade Relations (BITR) of the Department of Trade and Industry Director noted the steadily increasing trade figures between the Philippines and Norway.
The Philippines and the EFTA member states signed the agreement in 2018 which entered into force on 1 June the same year for the Philippines, Norway, Liechtenstein, and Switzerland and on 1 January 2020 for Iceland.