EFTA decided to put free trade talks with Russia on hold at the annual summer meeting in the Westman Islands yesterday, due to Russia’s involvement in the Ukraine
The European Free Trade Association (EFTA) decided to put their free trade talks with Russia on hold at the annual summer meeting in the Westman Islands yesterday, due to Russia’s involvement in the Ukraine.
RÚV reports that Iceland’s Foreign Minister, Gunnar Bragi Sveinsson, confirmed that a free trade agreement with Russia has been postponed though he hopes that talks will resume once the issues between Russia and the Ukraine have been settled.
Russia was not the only country put on hold, Thailand’s free trade negotiations are also on the back burner due to political instability and the recent coup. Currently EFTA is in talks with India and Vietnam.
EFTA has preferential trade agreements with 35 countries and territories outside of the EU and the purpose of this summer’s meeting was to examine developments in EFTA’s preferential trade relations.
EFTA comprises four states, Iceland, Liechtenstein, Norway and Switzerland.