On January 23, 2025, Norway and the European Free Trade Association (EFTA) countries — Norway, Iceland, Switzerland, and Liechtenstein — officially signed a Free Trade Agreement (FTA) with Thailand.
The agreement will eliminate tariffs on nearly all goods traded between Norway and Thailand.
Expanding Market Access Between Norway and Thailand
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Thailand, one of the fastest-growing economies in Southeast Asia, represents a key market for Norwegian businesses.
The new FTA aims to improve market access, trade predictability, and transparency, helping Norwegian companies operate more competitively in Thailand.
Trade between Norway and Thailand has been steadily increasing in recent years, particularly in the seafood export sector. In 2023, bilateral trade reached approximately NOK 12 billion.
Under the new agreement:
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83% of trade between the two countries will become duty-free immediately upon entry into force.
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After 15 years, 99.8% of Norwegian exports to Thailand and vice versa will enjoy zero tariffs.
A Strategic Move Amid Global Trade Shifts
Trade agreements are vital for small, open economies like Norway, especially at a time when some nations are introducing new trade barriers.
Norway’s Minister of Trade and Industry, Cecilie Myrseth, emphasized that the FTA with Thailand is part of a broader series of strategic trade deals signed over the past year, reinforcing Norway’s global economic engagement.
Negotiations and Signing at the World Economic Forum
Negotiations between Thailand and the four EFTA countries began on June 20, 2022, and were completed on November 29, 2024.
The agreement was signed on January 23, 2025, in Davos, Switzerland, on the sidelines of the World Economic Forum.
Focus on Sustainability and Key Export Sectors
The FTA includes a comprehensive and forward-looking chapter on trade and sustainable development, reflecting both sides’ commitment to environmental responsibility and fair trade practices.
Major Norwegian Exports to Thailand:
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Seafood (particularly salmon and mackerel)
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Fertilizers
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Pulp and paper
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Iron and steel products
Major Thai Exports to Norway:
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Machinery and automotive products
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Iron and steel goods
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Industrial equipment
Key Takeaway
The Norway–Thailand Free Trade Agreement marks a significant milestone in strengthening economic ties between the two regions.
By reducing tariffs and promoting sustainable trade, it will create new opportunities for exporters while reinforcing Norway’s and Thailand’s shared commitment to open, rules-based international trade