3. The text of the amendments as well as the instruments of ratification, acceptance or approval shall be deposited with the Depositary.
Article 14.4. Accession
1. Any State, becoming a Member of the EFTA, may accede to this Agreement, provided that the Joint Committee approves its accession, on terms and conditions to be agreed upon by the Parties. The instrument of accession shall be deposited with the Depositary.
2. In relation to an acceding State, this Agreement shall enter into force on the first day of the third month following the deposit of its instrument of accession, or the approval of the terms of accession by the existing Parties, whichever is later.
Article 14.5. Withdrawal and Expiration
1. Each Party may withdraw from this Agreement by means of a written notification to the Depositary. The withdrawal shall take effect six months after the date on which the notification is received by the Depositary.
2. If Ukraine withdraws, this Agreement shall expire when its withdrawal becomes effective.
3. Any EFTA State which withdraws from the Convention establishing the European Free Trade Association shall, ipso facto on the same day as the withdrawal takes effect, cease to be a Party to this Agreement.
Article 14.6. Entry Into Force
1. This Agreement is subject to ratification, acceptance or approval in accordance with the respective domestic legal requirements of the Parties. The instruments of ratification, acceptance or approval shall be deposited with the Depositary.
2. This Agreement shall enter into force on the first day of the third month following the date on which Ukraine and at least one EFTA State have deposited their instruments of ratification, acceptance or approval with the Depositary.
3. In relation to an EFTA State depositing its instrument of ratification, acceptance or approval after this Agreement has entered into force, this Agreement shall enter into force on the first day of the third month following the deposit of its instrument of ratification, acceptance or approval.
4. This Agreement shall, upon its entry into force between an EFTA State and Ukraine, replace the Free Trade Agreement between the EFTA States and Ukraine signed on 24 June 2010, its integral parts, and Joint Committee Decisions in relation to those Parties.
Article 14.7. Depositary
The Government of Norway shall act as depositary.
Conclusion
IN WITNESS WHEREOF the undersigned, being duly authorised thereto, have signed this Agreement.
Done at Kyiv, this 8 day of April 2025, in one original. The Depositary shall transmit certified copies to all the Parties.
For Iceland
For Ukraine
For the Principality of Liechtenstein
For the Kingdom of Norway
For the Swiss Confederation
Attachments
ANNEX XI REFERRED TO IN ARTICLE 5.11 . RESERVATIONS
APPENDIX 1 . RESERVATIONS BY UKRAINE
Sector: Agriculture
Sub-sector: Land ownership for agricultural purposes.
Legal source or authority of the measure: Land Code of Ukraine dated 25.10.2001 Ne 2768-III.
Succinct description of the measure:
Foreign citizens and stateless persons are not entitled:
(i) to acquire ownership of land intended for agricultural purposes;
(ii) to free acquisition of land that is in state and municipal property;
(iii) to privatise land that was previously transferred them for use.
Purpose or motivation of the measure:
Agricultural policy considerations and food security.
APPENDIX 2 . RESERVATIONS BY ICELAND
Sector: All sectors
Sub-sector:
Legal source or authority of the measure:
Law No. 138/1994 Respecting Private Limited Companies, Law No. 2/1995 Respecting Public Limited Companies, Law No. 34/1991 on Investment by Non- Residents in Business Enterprises.
Succinct description of the measure:
The majority of the founders of a private limited company or a public limited company must either be resident in Iceland, in another member state of the European Economic Area, in another member state of the European Free Trade Association or in the Faroe Islands. The Minister of Commerce can _ grant exemptions from these restrictions.
The manager(s) and at least half the board of directors of a private limited company or a public limited company must either be resident in Iceland, in another member state of the European Economic Area, in another member state of the European Free Trade Association or in the Faroe Islands. The Minister of Commerce can grant exemptions from these restrictions.
Purpose or motivation of the measure:
To secure that the legal venue of the majority of the board of directors and managers is within Icelandic jurisdiction.
Sector: All sectors
Sub-sector:
Legal source or authority of the measure:
Law No. 19/1966 on the Right to Own and Use Real Estate, Law No. 34/1991 on Investment by Non-Residents in Business Enterprises.
Succinct description of the measure:
Only Icelandic citizens and Icelandic legal entities and citizens and legal entities from another member state of the European Economic Area, another member state of the European Free Trade Association or from the Faroe Islands are allowed to own real estate in Iceland unless the ownership and use is linked to an investment in real estate pertaining to the business activity of the investor. The same applies to the hiring ofa real estate if the duration of the lease lasts for more than three years. These restrictions do not apply to a non-EEA citizen who has been residing in Iceland for at least five years. The Minister of Justice can grant exemptions from these restrictions.
Purpose or motivation of the measure:
Fluctuations in real estate prices due to possible excess foreign demand can adversely affect the domestic market for housing and summer houses (secondary homes).
Sector: Fisheries
Sub-sector: Fishing, whaling
Legal source or authority of the measure:
Law No. 22/1998 on the Fishing and Fish processing of Foreign Vessels in Iceland's Economic Zone, Law No. 34/1991 on Investment by Non-Residents in Business Enterprises, Law No. 26/1949 on Whaling.
Succinct description of the measure:
Only the following may conduct fishing operations within the Icelandic fisheries jurisdiction:
(a) Icelandic citizens and other Icelandic persons.
(b) Icelandic legal persons which are wholly owned by Icelandic persons or Icelandic legal persons which:
(i) are controlled by Icelandic entities;
(ii) are not under more than 25% ownership of foreign residents calculated on the basis of share capital or initial capital. However, if the share of an Icelandic legal person in a legal person conducting fishing operations in the Icelandic fisheries jurisdiction or fish processing in Iceland is not above 5%, the share of the foreign resident may be up to 33%;
(iii) are in other respects under the ownership of Icelandic citizens or Icelandic legal persons controlled by Icelandic persons.
Purpose or motivation of the measure:
The relative economic importance of the fishing industry for Iceland, with fish and fish products constituting around half of the countryâs foreign earnings, as well as Icelandâs determination to maintain a sustainable yield from its fishing stocks. The control and surveillance regarding the preservation of Icelandic fish stocks needs to be under Icelandic jurisdiction.
Sector: Fisheries
Sub-sector: Fish Processing
Legal source or authority of the measure: Law No. 34/1991 on Investment by Non-Residents in Business Enterprises.
Succinct description of the measure:
Only the following may own or run enterprises engaged in fish processing in Iceland:
(a) Icelandic citizens and other Icelandic persons.
(b) Icelandic legal persons which are wholly owned by Icelandic persons or Icelandic legal persons which:
(i) are controlled by Icelandic entities;
(ii) are not under more than 25% ownership of foreign residents calculated on the basis of share capital or initial capital. However, if the share of an Icelandic legal person in a legal person conducting fishing operations in the Icelandic fisheries jurisdiction or fish processing in Iceland is not above 5%, the share of the foreign resident may be up to 33%;
(iii) are in other respects under the ownership of Icelandic citizens or Icelandic legal persons controlled by Icelandic persons.
Fish processing in this context is freezing, salting, drying and any other process used to initially preserve fish and fish products, including melting and meal processing. This reservation does not apply to secondary fish processing.
Purpose or motivation of the measure:
The reservation on fish processing is an integral part of retaining control in the field of fishing and whaling. The relative economic importance of the fishing industry for Iceland, with fish and fish products constituting around half of the countryâs foreign earnings, as well as Icelandâs determination to maintain a sustained yield from its fishing stocks. The control and surveillance regarding the preservation of Icelandic fish stocks needs to be under Icelandic jurisdiction.
Sector: Fisheries
Subsector: Fish Auctioning
Legal source or authority of the measure: Law No. 79/2005 on the Auctioning of Fish
Succinct description of the measure:
Only Icelandic citizens and Icelandic legal entities and citizens and legal entities from another member state of the European Economic Area, from another member state of the European Free Trade Association or from the Faroe Islands are allowed to own and manage enterprises engaged in fish auctioning in Iceland.
Purpose or motivation of the measure:
The reservation on fish auctioning is an integral part of retaining control in the field of fishing and whaling. The relative economic importance of the fishing industry for Iceland, with fish and fish products constituting around half of the countryâs foreign earnings, as well as Icelandâs determination to maintain a sustained yield from its fishing stocks. The control and surveillance regarding the preservation of Icelandic fish stocks needs to be under Icelandic jurisdiction.
Sector: Energy
Sub-sector: Energy production and distribution
Legal source or authority of the measure: Law No. 34/1991 on Investment by Non-Residents in Business Enterprises
Succinct description of the measure:
Only Icelandic citizens and legal entities, and citizens and legal entities from another member state of the European Economic Area, from another member state of the European Free Trade Association or from the Faroe Islands, can own the right to harness hydroelectric and geothermal power other than for own personal home use. The same applies to investment in enterprises engaged in power production and power distribution.
Purpose or Motivation of the Measure:
Apart from the fish stock, hydroelectric power and geothermal power are Icelandâs most important natural resources. Their utilisation needs to be centrally administered through licensing and co-generation agreements. The power production and power distribution are public utilities which to a large degree operate as public monopolies.
APPENDIX 3 . RESERVATIONS BY LIECHTENSTEIN
Sector: All sectors
Sub-sector:
Legal source or authority of the measure:
Gewerbegesetz (Act on Commercial Law) of 10 December 1969, LR (Systematic Collection of Liechtenstein Law) 930.1, and relevant laws as mentioned in Article 2, paragraph 1 of that Act, as well as relevant Parliament or Government decisions.
Succinct description of the measure:
The establishment of a commercial presence by a juridical person (including branches) is subject to the requirement that no objection for reasons of national economy is made (balanced proportion of national and foreign capital; balanced ratio of foreigners in comparison with the number of resident population; balanced ratio of total number of jobs in the economy in comparison with the number of the resident population; balanced geographic situation; balanced development of the national economy, between and within the sectors).
Purpose or motivation of the measure:
To ensure a balanced development of the national economy taking into account the specific geographic situation of the country, its limited resources and the small labour market.
Sector: All sectors
Sub-sector:
Legal source or authority of the measure:
Gewerbegesetz (Commercial Law Act) of 10 December 1969, LR 930.1; Personen- und Gesellschaftsrecht (Company Law) of 20 January 1926, LR 216.0.
Succinct description of the measure:
The establishment of a commercial presence by an individual is subject to the requirement of prior tesidence during a certain period of time and of permanent domicile in Liechtenstein.
The establishment of a commercial presence by a juridical person (including branches) is subject to the following requirements: At least one of the managers has to fulfill the requirements of prior residence during a certain period of time and of permanent domicile in Liechtenstein. The majority of the administrators (authorized to manage and represent the juridical person) must be residents in Liechtenstein and have either to be Liechtenstein citizens or have prior residence during a certain period of time in Liechtenstein. The general and the limited partnership have to fulfill the same conditions as corporations with limited liability (juridical person). In addition the majority of the associates have to be Liechtenstein citizens or to have prior residence during a certain period of time in Liechtenstein.
The Liechtenstein company law does not prohibit joint stock companies from foreseeing in their articles of incorporation the preclusion or limitation of the transfer of registered shares.
Purpose or motivation of the measure:
To facilitate judicial proceedings.
Sector: All sectors
Subsector:
Legal source or authority of the measure: Agreement on the European Economic Area of 2 May 1992 (EEA Agreement).
Succinct description of the measure:
Treatment accorded to subsidiaries of third-country companies formed in accordance with the law of an EEA Member State and having registered office, central administration or principal place of business within an EEA Member State is not extended to branches or agencies established in an EEA Member State by a third-country company.
Treatment less favorable may be accorded to subsidiaries of third countries having only their registered office in the territory of an EEA Member State unless they show that they possess an effective and continuous link with the economy of one of the EEA Member States.
Purpose or motivation of the measure:
To ensure that benefits from the EEA Agreement are not automatically accorded to third countries.
Sector: All sectors
Subsector:
Legal source or authority of the measure: Grundverkehrsgesetz (Law on the acquisition of real estate) of 9 December 1992, LR 214.11.
Succinct description of the measure:
All acquisitions of real estate are subject to authorization. Such authorization is granted only if an actual and proven requirement for living or business purposes is given and a certain period of residence has been completed. Non-residents are excluded from the acquisition of real estate.
Purpose or motivation of the measure:
Extreme scarcity of available land. Preservation of access to real estate for the resident population and maintenance ofa balanced geographic situation.
Sector: Power and Energy sector.
Sub-sector:
Legal source or authority of the measure: Not applicable.
Succinct description of the measure:
All activities in the power and energy sector shall be treated as services under the Agreement.
Purpose or motivation of the measure:
To take account of the fact that most activities in this sector are considered services in terms of the GATS.
APPENDIX 4 . RESERVATIONS BY NORWAY
Sector: All sectors
Sub-sector: -
Legal source or authority of the measure:
Succinct description of the measure:
Norway does not extend to Ukraine any preferences granted under bilateral investment treaties signed by Norway prior to 1997.