May 5, 2016
Canada's free trade agreement with the European Free Trade Association (EFTA) came into effect on July 1, 2009, allowing mostly duty-free trade between Canada, Iceland, Liechtenstein, Norway and Switzerland.
Delegations from the EFTA countries and Canada met in Geneva on April 26-27 for a first exploratory round on the possible modernisation and expansion of the existing trade agreement.
This could include the possibility of extending the free trade agreement (FTA) to areas beyond trade in goods, such as trade in services, investment, government procurement, intellectual property, as well as trade and sustainable development.
In this regard, the Parties referred to their latest FTAs with other partners and discussed their respective approaches. Areas already covered by the existing FTA might also be reviewed and updated.
It was agreed that both sides will remain is close contact in order to further discuss and examine the possible expansion of the existing FTA.
EFTA-Canada merchandise trade was worth USD 7.2 billion in 2015, making Canada a significant trading partner for EFTA. Bilateral economic relations are also marked by substantial levels of trade in services and investment flows.