Vietnam, 4 European countries sign free trade deal | NHK WORLD-JAPAN News - NHKニュース

Vietnam and four European nations outside the European Union have sealed a free trade deal.

The move comes as the Southeast Asian nation seeks ways to diversify its markets amid global uncertainty.

The signing ceremony between Vietnam and the member states of the European Free Trade Association, or EFTA, was held Sunday in Hanoi.

Vietnam's top leader, To Lam, was present, along with senior government officials from Iceland, Liechtenstein, Norway and Switzerland.

The agreement covers a wide range of sectors, including tariffs, trade, investment and intellectual property.

Vietnam's government says trade between the country and EFTA members averages about 2 billion dollars a year.

Vietnam's exports to the four countries include seafood and textiles, while its imports from them include machinery and pharmaceuticals.

Norway says about half its exports to Vietnam will be tariff-free when the accord takes effect. It says almost all the rest will be exempt from tariffs within seven years.

Negotiations on the pact started in 2012. They dragged on for more than a decade before gaining fresh momentum last year amid global tensions over US tariffs.

Vietnam says the deal reflects the determination of both sides to promote free trade and reinforce the rules-based trading system amid continuing volatility in the world economy.