An agreement signed between GCC countries and the European Free Trade Association (EFTA) has taken effect from July 1.

Bahrain Chamber of Commerce and Industry (BCCI) chairman Khalid Almoayed stressed the importance of the deal in expanding regional and international co-operation and boosting the volume of trade exchanges.

He announced plans to conduct a workshop to explain to businessmen and investors the agreement, which encourages the establishment of joint ventures in industry, tourism, agriculture, banking and financial services sectors.

The EFTA is a free trade organisation, including Iceland, Liechtenstein, Norway and Switzerland, which agreed to remove barriers to industrial goods.

Under the agreement, the volume of the GCC and EFTA countries is expected to soar to $9.8 billion in 2015, up from $4.5 billion in 2007.-TradeArabia News Service