The European Free Trade Association (or EFTA) is a free trade organisation between four European countries that operates parallel to, and is linked to, the European Union (EU). The EFTA was established on 3 May 1960 as a trade bloc-alternative for European states who were either unable or unwilling to join the then-European Economic Community (EEC) which has now become the EU. The Stockholm Convention, establishing the EFTA, was signed on 4 January 1960 in the Swedish capital by seven countries (known as the "outer seven").
Today's EFTA members are Liechtenstein, Iceland, Norway, and Switzerland—the latter two being founding members. The initial Stockholm Convention was superseded by the Vaduz Convention, which provides for the liberalisation of trade among the member states.
EFTA states have jointly concluded free trade agreements with a number of other countries. Three of the EFTA countries are part of the European Union Internal Market through the Agreement on a European Economic Area (EEA), which took effect in 1994; the fourth, Switzerland, opted to conclude bilateral agreements with the EU. In 1999, Switzerland concluded a set of bilateral agreements with the European Union covering a wide range of areas, including movement of persons, transport, and technical barriers to trade. This development prompted the EFTA states to modernise their Convention to ensure that it will continue to provide a successful framework for the expansion and liberalization of trade among themselves and with the rest of the world.
Read more about European Free Trade Association: Political History, Membership History, Current Members, General Secretaries, Institutions, Portugal Fund, International Conventions, Relationship To The European Economic Area, International Relationships, Future, EFTA and The European Union
Famous quotes containing the words european, free, trade and/or association:
“I can never suppose this country so far lost to all ideas of self-importance as to be willing to grant America independence; if that could ever be adopted I shall despair of this country being ever preserved from a state of inferiority and consequently falling into a very low class among the European States.”
—George III (17381820)
“The origin of storms is not in clouds,
our lightning strikes when the earth rises,
spillways free authentic power:
dead John Browns body walking from a tunnel
to break the armored and concluded mind.”
—Muriel Rukeyser (19131980)
“Until the end of the Middle Ages, and in many cases afterwards too, in order to obtain initiation in a trade of any sort whateverwhether that of courtier, soldier, administrator, merchant or workmana boy did not amass the knowledge necessary to ply that trade before entering it, but threw himself into it; he then acquired the necessary knowledge.”
—Philippe Ariés (20th century)
“The aim of every political association is the preservation of the natural and imprescriptible rights of man. These rights are liberty, property, security and resistance to oppression.”
—French National Assembly. Declaration of the Rights of Man (drafted and discussed August 1789, published September 1791)