At the invitation of Icelandic Foreign Minister Þorgerður Katrín Gunnarsdóttir, Norwegian Foreign Minister Espen Barth Eide, Swiss Federal President Guy Parmelin, and Liechtenstein’s Deputy Head of Government Sabine Monauni met in Reykjavik on Monday, June 22, 2026, for this year’s EFTA ministerial meeting. The discussions focused on strengthening cooperation among the EFTA states against the backdrop of the growing fragmentation of global trade relations, the modernization of existing free trade agreements, and cooperation with the European Union. The ministers also welcomed the progress made toward the imminent conclusion of negotiations on a comprehensive free trade agreement with Vietnam.

Further Development of Free Trade Agreements

The ministers commended the further expansion of EFTA’s trade relations since the last meeting, including the entry into force of the Trade and Economic Partnership Agreement between the EFTA States and India, the agreement with Singapore on the digital economy, and the signing of the agreement with the MERCOSUR states (Argentina, Brazil, Paraguay, Uruguay). They emphasized the importance of the swift implementation of the agreement with India, particularly in the area of investment promotion and cooperation, and agreed to further develop existing agreements and advance modernization processes with Canada, Mexico, and Korea. The implementation of the revised Pan-Euro-Med Convention on Cumulation of Origin is also to be further accelerated in order to strengthen the coherence of the EFTA network. In addition, the ministers highlighted the importance of cooperation with partners outside existing agreements, particularly within the framework of ASEAN–EFTA cooperation and through potential structured dialogues with major trade blocs such as the CPTPP, comprising Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom.

Iceland, Norway, and Switzerland used the meeting to sign updated bilateral agricultural agreements with Palestine that improve mutual market access for agricultural products. Switzerland’s agreement also applies to Liechtenstein through the customs treaty. Regarding Vietnam, the EFTA states welcomed an agreement on most of the outstanding issues in the negotiations on a free trade agreement and expressed their confidence that a deal would be concluded soon. This is a broad-based agreement covering trade in goods, services, and investment, and encompassing areas such as intellectual property rights, rules of origin, competition, trade facilitation, technical barriers to trade, and trade and sustainable development.

Close Relations Between the EFTA Countries and the European Union

Cooperation with the EU—based on shared values—in the current geopolitical environment was another topic of the high-level talks. The ministers of the EEA/EFTA states emphasized the importance of coordination between them and the EU on urgent issues, including the implementation of sanctions against Russia and Belarus, and the significance of a cohesive economic area. For his part, Swiss Federal President Guy Parmelin provided an update on the package of agreements between the EU and Switzerland, which is currently undergoing the respective approval processes of the parties.

Discussions with Members of Parliament and Business Leaders

The ministers also met with EFTA’s advisory bodies—the Consultative Committee and the Parliamentary Committee—for a regular dialogue on EFTA’s activities. Members of parliament and representatives of labor unions and employers’ associations from the four EFTA states discussed EFTA’s trade policy, including the status of current processes and possible future directions. Representing Liechtenstein were Sebastian Gassner and Roger Schädler, both members of the Liechtenstein Landtag, who participated in the Parliamentary Committee, as well as Max Rüdisser, Executive Director of the Liechtenstein Chamber of Industry and Commerce.

Liechtenstein's Presidency from July 1, 2026, to June 30, 2027

The ministerial meeting marked the culmination of Iceland’s presidency of the EFTA Council and provided an opportunity to hand over the presidency to Liechtenstein. During its presidency, Liechtenstein will work to ensure that EFTA can continue to fulfill its role as a common platform for like-minded states dedicated to safeguarding economic stability and international competitiveness. Deputy Prime Minister Sabine Monauni emphasized in this context: “EFTA’s free trade agreements represent strategic added value that must be nurtured. During its presidency, Liechtenstein will place special emphasis on the targeted further development of key agreements, particularly with regard to services, investment, and digital trade. Furthermore, their potential to strengthen economic security will play a special role.”