Free Trade Agreement between the Republic of Turkey and EFTA States was signed on 10 December 1991 in Geneva and entered into force on 1 April 1992.

With Turkey-EFTA States FTA, tariffs and non-tariff barriers were eliminated in trade between the Parties. The Agreement regulates numerous areas including state monopolies, technical regulations, public procurement, state aid, intellectual property rights, internal taxation, payments, transfers, damping, safeguard measures and, rules of origin.

Regarding industrial products, customs duties and charges having an equivalent effect have been abolished as of 1 January 1999.

Concerning the fish and fishery products, Turkey granted concessions in duty reduction on fish and other marine products which are listed in Annex II.

For the agricultural products, the concessions granted by Iceland, Norway and Switzerland for the goods originating in Turkey are listed in List I, List II, List III respectively.

Concerning processed agricultural products, the Parties granted concessions mutually for products which are listed in Protocol A.

The products which will benefit from the preferential tariffs should fulfill the rules of origin set out in Protocol B of the Agreement.

Turkey and the EFTA countries signed a modernised and expanded Agreement in Sauðárkrókur, Iceland on 25 June 2018. The modernised EFTA-Turkey FTA covers trade in goods, rules of origin, trade facilitation, SPS, TBT, trade in services, competition, protection of intellectual property rights and trade and sustainable development. The new FTA will replace the FTA of 1992 upon its entry into force.

The trade volume between Turkey and EFTA countries was realized as 9.650 Million US $ in 2017 with an increase of 34% compared to 2016. In 2017, imports from EFTA were 8.010 Million US $, whereas exports to EFTA was 1.640 Million US $.