Vietnam signs free trade agreement with wealthy European nations

“Vietnam has signed a free-trade agreement with Norway, Switzerland, Iceland, and Liechtenstein, the four members of the European Free Trade Association. The Norwegian government says roughly half of the country’s exports to Vietnam will become duty-free when the agreement takes effect, rising to more than 98 percent within seven years,” reports Human Progress.

These European countries are all very wealthy Liechtenstein has a per capita income of at least $226,000. Switzerland has a per capita income of at least $115,000. Norway has a per capita income of at least $95,000. Iceland has a per capita income of at least $107,000, although it is so expensive to live there that Americans have a slightly higher standard of living than people in Iceland.

Vietnam’s per capita income is at least 25% lower than the global average, after taking into account living costs.

Most of Europe recently reached free trade deals with southeast Asian nations like Indonesia and the Philippines.

In September, Mexico pledged to buy more American goods and curb Chinese imports as it sought a trade deal with the Trump administration.

India has recently multiplied its number of free trade agreements.

Most African countries entered into a free trade accord with each other in 2023.