Switzerland,Liechtenstein, Iceland and Norway signed on Sunday a free trade agreement with Indonesia, or the world’s largest supplier of palm oil. In the medium term,98% of Swiss exports to the island nation will be exempt from customs duties. The agreement is to be ratified by 2020 at the latest. With an annual trade volume of CHF830 million, Indonesia is one of Switzerland's most notable trading partners in Southeast Asia. The agreement includes rules for Indonesian palm oil, and the Swiss news agency Keystone-SDA reported. Swiss Economics Minister Johann Schneider-Ammann along with representatives from the three other nations in The European Free Trade Association (EFTA) were in Jakarta for the signing. The EFTA states will become Indonesia's first free trade partner in Europe. Indonesia’s trade minister,Enggartiasto Lukita, signed on behalf of his country. In addition to market access, and the agreement guarantees legal certainty,the protection of mental property and the ...
Source: swissinfo.ch