It was signed from the GCC side by its Secretary General Abdulrahman al-Attiya and from the EFTA side by the Norwegian minister of Trade and Industry Sylvia Brustad.
EFTA has in its membership Switzerland, Norway, Iceland, and Lichtenstein.
The agreement covers such areas as commercial trade, exchange of services, intellectual property protection, governmental purchases, and methodology for arbitrating conflicts, said the statement.
In addition, the agreement seeks economic partnership through investments and the reduction of customs duties on most goods exchanged by both sides.
Trade between the GCC and EFTA has doubled in the past ten years, increasing from USD two billion in 1999 to about USD seven billion in 2008.
Together the two trading blocs comprise a USD two trillion trade region.
