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Legal Terms - The European Free Trade Association (EFTA)
It is a trade organization established in 1960, comprising Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom, with Finland, Iceland, and Liechtenstein joining subsequently. The present members are Iceland, Liechtenstein, Norway, and Switzerland, while the other members departed upon joining the European Union or its predecessor communities. EFTA is a less stringent association than the EU, focusing solely on trade obstacles rather than broadly coordinating economic policy. The EFTA is administered by a council where each member possesses a single vote; decisions often require unanimity and are obligatory for all member states. The EFTA maintains bilateral agreements with the EU. All tariffs between EFTA and EU countries were eliminated in 1984, resulting in the establishment of a free-trade area between EU and EFTA member states.
It is a trade organization established in 1960, comprising Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom, with Finland, Iceland, and Liechtenstein joining subsequently. The present members are Iceland, Liechtenstein, Norway, and Switzerland, while the other members departed upon joining the European Union or its predecessor communities. EFTA is a less stringent association than the EU, focusing solely on trade obstacles rather than broadly coordinating economic policy. The EFTA is administered by a council where each member possesses a single vote; decisions often require unanimity and are obligatory for all member states. The EFTA maintains bilateral agreements with the EU. All tariffs between EFTA and EU countries were eliminated in 1984, resulting in the establishment of a free-trade area between EU and EFTA member states.
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