Free Trade Agreement between the European Free Trade Association States and the Member States of the Co-operation Council for the Arab States of the Gulf

Country / jurisdiction: Iceland · Year: 2014 · Status: In force · Level: International · Type: Voluntary

The Free Trade Agreement between the European Free Trade Association (EFTA) States and the Member States of the Co-operation Council for the Arab States of the Gulf (GCC) entered into force in July 2014.

It provides for the elimination of  import customs duties for most imported most industrial products across HS sectors 25 through 97 including :

Electric motors, turbines and generators;

Mechanical equipment including pumps, appliances, and other advanced machinery;

Electric accumulators, transformers, capacitors, batteries;

Motor vehicles;

Mineral ore, slag and ash;

Mineral fuels, oils and other products;

Metals and their articles e.g. iron and steel;

Semiconductors devices and photovoltaic cells

[add here exemptions listed in annex if applicable to energy sector + those of UEA]

Rule of origins apply for goods to qualify for preferential customs duty treatment : products notably have to be wholly obtained or have undergone a significant production process in one of the signatory countries, and the value of manufacturing materials sourced externally should does not exceed 60 % of the ex-works price.

Official source: https://www.efta.int/sites/default/files/media/documents/legal-texts/free-trade-relations/gulf-cooperation-council-GCC/EFTA-GCC%20Free%20Trade%20Agreement.pdf