Norway and Thailand sign free trade agreement

Norway and other EFTA  countries have reached a free trade agreement with Thailand, opening new opportunities for export, investment, and trade.

“This is great news for Norwegian businesses. Almost all goods we export to Thailand will be duty-free, boosting trade and competitiveness in one of Southeast Asia’s fastest-growing economies,” said Norwegian Trade Minister Cecilie Myrseth in a statement.

Thailand imported goods worth NOK 5.6 billion last year, 83% of which will become duty-free under the agreement. Within 15 years, 99.8% of Norwegian exports to Thailand will be duty-free.

“This is a fantastic outcome for Norway! Over half of our exports to Thailand are seafood. The agreement gives us better terms than our main competitors in the Thai market, benefiting Norwegian businesses,” said Myrseth.

In 2023, total trade between Norway and Thailand amounted to approximately NOK 12 billion.

EFTA (European Free Trade Association) countries are a group of European nations that have established a free trade area. The member countries are Norway, Iceland, Switzerland, and Liechtenstein.

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