Free Industrial Market

Press, Volume CII, Issue 30129, 13 May 1963, Page 15

Free Industrial Market

(N.Z.P.A .-Reuter—Copyright) LISBON, May 11. The Ministers of the seven-nation European Free Trade Association (E.F.T.A.) wound up their three-day conference today by agreeing to establish a free market in in- , dustrial goods by the end of 1966. The British SecretaryGeneral of E.F.T.A., Mr Frank E. Figgures, told a press conference after the final session that the meeting had been extremely successful and satisfactory. pie “Outer Seven’’— Britain, Norway, Denmark, Sweden, Switzerland, Atmtria and Portugal—have already reduced their internal tariffs by 50 per cent. The new agreement provides for a further cut ot 10

per cent, on January 1 each year beginning next January. and a final cut of 20 per cent, on December 31, 1966 four years ahead of the original plan. Mr Figgures said he thought the E.F.T.A. programme of tariff reductions would be “broadly in line” with that adopted by the sixnation Common Market to eliminate internal tariffs. Diplomatic observers said the tariff programme was agreed as part of a complete package of contributions, mainly in the form of concessions on agriculture by the more industrialised countries, Britain, Sweden and Switzerland. Britain was able to suspend the tariff on Danish butter entering the United Kingdom, while Switzerland, and Norway and Sweden contributed to a solution of the Portuguese demands for increased wine markets. The ministers also agreed to the establishment of an E.F.T.A. economic development council, which will coordinate economic develop-

ment and provide technical advice for member countries. Britain also agreed to give E.F.T.A. members the same access rights to the London capital markets as those enjoyed by members of the sterling area. The Anglo-Danish bilateral agreements were made formal thia morning with the signing of a protocol to the 1960 Anglo-Danish agricultural agreement. The protocol provides for talks on the future of the British bacon market and the establishment of an AngloDanish trade liaison committee. Britain’s trade with EFT.A. last year was worth £532 million or 14 per cent of Britain’s overseas trade. The E.FT.A. conference was the first of three important international trade conferences this month. The Commonwealth trade ministers are meeting in London next Monday, and the ministerial session of the Genera) Agreement on Tariffs and Trade— G.A.T.T.—will take place on May 16.