EFTA

organization of several European nations that was founded in 1960 in order to encourage free trading between member nations and later (in 1994) to promote a common economy

The European Free Trade Association (EFTA) was established on May 3, 1960 as an alternative for European states that were not allowed, or did not wish, to join the European Economic Community (now the European Community). The EFTA Convention was signed on January 4, 1960 in Stockholm by seven states. Today only Iceland, Norway, Switzerland, and Liechtenstein remain members of EFTA (of which only Norway and Switzerland are founding members). The Stockholm Convention was subsequently replaced by the Vaduz Convention.This Convention provides for the liberalisation of trade among the member states. Three of the EFTA countries are part of the European Union Internal Market through the Agreement on an European Economic Area (EEA), which took effect in 1994; the fourth, Switzerland, opted to conclude bilateral agreements with the EU. In addition, the EFTA states have jointly concluded free trade agreements with a number of other countries.
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EFTA, European Free Trade Association, organization of several European nations that was founded in 1960 in order to encourage free trading between member nations and later (in 1994) to promote a common economy

EFTA, European Free Trade Association, organization of several European nations that was founded in 1960 in order to encourage free trading between member nations and later (in 1994) to promote a common economy

this is the acronym for the European Free Trade Association - an organization founded in 1960 to promote free trade in goods amongst its member states. There were originally seven EFTA countries: Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom (UK). Finland joined in 1961, Iceland in 1970, and Liechtenstein in 1991. In 1973, the UK and Denmark left EFTA and joined the EEC. They were followed by Portugal in 1986, and by Austria, Finland and Sweden in 1995. Today the EFTA members are Iceland, Liechtenstein, Norway and Switzerland.