Turkey aims to sign EFTA free trade agreement in 2018

Turkey aims to sign the expanded agreement with the European Free Trade Association (EFTA) in January 2018, according to the Turkish economy minister.

Turkish Economy Minister Nihat Zeybekci participated in the EFTA ministerial meeting in Geneva on Friday.

Turkey has had a free trade agreement with EFTA since 1991 and is now in the process of expanding the agreement. The EFTA consists of four European states: Iceland, Liechtenstein, Norway, and Switzerland.

The joint statement underlined "the already close economic ties between the EFTA States and Turkey, and the significant potential to advance economic cooperation and exchange by further enhancing the framework conditions for trade and investment between them".

"Our agreement will include transportation, electronic trade, services trade and industrial products.

"Our aim is to sign the agreement in Davos in January during the World Economic Forum. It is a very successful agreement. It will be a wide-range free trade agreement," said Zeybekci.

The World Economic Forum (WEF) in Davos, Switzerland will take place between Jan. 23-26, 2018.

"With EFTA, we had a wider range agreement than the customs union agreement and this agreement will serve as a model for updating the customs union agreement," Zeybekci said.

Despite not being a member of EU, Turkey has had a Customs Union agreement with the bloc since 1995.

Following the EFTA meetings, Zeybekci met separately with Swiss Economy Minister Johann Schneider-Ammann​ to discuss bilateral relations.

Zeybekci also met with World Trade Organization (WTO) Director-General Roberto Azevedo.