7.
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Brief description of the Agreement:
The Agreement covers liberalization of trade in
goods, i.e. industrial goods, including fish and marine products, and
agricultural goods, in conformity with Article XXIV of GATT 1994, and
liberalization of trade in services in conformity with Article V of GATS. By
1 November 2024, customs duties on substantially all goods will be
eliminated.
In addition, the Agreement
includes provisions on investment, intellectual property rights, e-commerce,
government procurement, competition, trade and sustainable development, and
cooperation, as well as horizontal, institutional and dispute settlement provisions.
This is the first agreement signed by EFTA containing a chapter on
e-commerce.
The Agreement establishes a
Joint Committee which, among other functions, will supervise and examine the
application thereof.
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