The European Free Trade Association is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland.

Why was EFTA formed?

The European Free Trade Association (EFTA) is an intergovernmental organization created in 1960 to promote free trade and economic integration between Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom.

When was the concept of European trade area was first established?

In October 1991 the members of the EFTA and EEC agreed to establish a free-trade zone among themselves called the European Economic Area (EEA), which came into effect on January 1, 1994.

How successful was EFTA?

Overall, it was a very successful seminar that provided participants with a thorough understanding of the day-to-day operation and management of the EEA Agreement. EFTA would like to thank all the speakers and participants for making the seminar a success.

What is the EFTA stand for?

EFTA stands for European Free Trade Association. It has 4 member states: Iceland. Liechtenstein.

Norway's Deal With The European Union: Explaining EFTA & EEA - TLDR News

26 related questions found

When did Iceland join the EFTA?

The Seven together accounted for a market of 90 million people. Finland became an associate member of EFTA on 27 March 1961 and a full member in 1986, and Iceland acceded in 1970.

Does EFTA exist?

Currently, the EFTA States together have 29 FTAs in force or awaiting ratification covering 40 partner countries worldwide (outside Europe). Since 1994, the EFTA Secretariat has assisted Iceland, Liechtenstein and Norway in the management of the EEA Agreement.

What are EFTA States?

The EFTA Member States are Iceland, Liechtenstein, Norway and Switzerland. The four EFTA States are competitive in several sectors vital to the global economy and score among the highest in the world in competitiveness, wealth creation per inhabitant, life expectancy and quality of life.

What are the goals of EFTA?

The primary goal of EFTA was the creation of a single market which would, it was hoped, include all the nations of western Europe. By 1966 EFTA had reached its first target, free industrial trade between its members. By 1991 another goal—the removal of tariffs on all nonagricultural imports—was reached.

Is India a part of EFTA?

EFTA is limited to four countries – Switzerland, Norway, Iceland and Liechtenstein. These countries are not part of the European Union (EU) with which India is negotiating a separate trade agreement called the India-EU Broad-based Trade and Investment Agreement or BTIA.

Who are EU EFTA citizens?

Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and Switzerland.

What is the difference between EU and EFTA?

One of the main differences between EFTA and EU membership is that EFTA members are not part of the EU Customs Union. As EFTA states are not part of the EU Customs Union, they negotiate trade deals separately to the EU. As a bloc, they have negotiated 26 Free Trade Agreements with other countries worldwide.

What are the treaties of EFTA?

The EFTA treaty, like that of the EEC, provided for a transitional period, set forth rules governing competition, and called for the abolition of all indirect protection and trade discrimination. The Association chose to be governed by the EFTA Council, composed of one member from each participating state.

What is EFTA and EEA?

Information about the three EEA EFTA States: Iceland, Liechtenstein and Norway. The 27 EU Member States, together with the three EFTA States Iceland, Liechtenstein and Norway, make up the EEA Contracting Parties (the 31 EEA States).

What 3 countries are members of Nafta?

The North American Free Trade Agreement (NAFTA) was implemented to promote trade between the U.S., Canada, and Mexico. The agreement, which eliminated most tariffs on trade between the three countries, went into effect on Jan. 1, 1994.

Is UK an EFTA country?

On 8 July 2021, the three EEA EFTA States (Iceland, Liechtenstein and Norway) signed a new free trade agreement with the United Kingdom (UK).

Is Croatia EU EFTA?

Croatia. Croatia joined the European Union (EU) on 1 July 2013. Each time a new member joins the EU, the Agreement on the Free Movement of Persons (AFMP) is supplemented by an additional protocol.

What is NAFTA Mexico?

Key Takeaways. The North American Free Trade Agreement (NAFTA) was a treaty between Canada, Mexico, and the United States that eliminated most tariffs between the counties. It was the world's largest free trade agreement when it was established on January 1, 1994.

What is the EFTA Convention?

The EFTA Convention facilitates the free movement of goods between the EFTA States through mutual recognition of conformity assessments and notification of draft technical regulations. The EEA Agreement extends the Union's internal market rules to the three EEA EFTA States.

When did Mexico join NAFTA?

North American Free Trade Agreement (NAFTA) established a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994.

Why was NAFTA bad?

NAFTA went into effect in 1994 to boost trade, eliminate barriers, and reduce tariffs on imports and exports between Canada, the United States, and Mexico. According to the Trump administration, NAFTA has led to trade deficits, factory closures, and job losses for the U.S.

Who started free trade?

However, it was two early British economists Adam Smith and David Ricardo who later developed the idea of free trade into its modern and recognizable form. Economists who advocated free trade believed trade was the reason why certain civilizations prospered economically.

Who has right of free movement Switzerland?

The bilateral Agreement on the free movement of persons (AFMP), signed in 1999 and into force since 2002, confers upon the citizens of Switzerland and of the member states of the European Union (EU) the right to freely choose their place of employment and residence within the national territories of the contracting ...

When did the EU allow free movement?

Freedom of movement and residence for persons in the EU is the cornerstone of Union citizenship, established by the Treaty of Maastricht in 1992.