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EFTA

   Also found in: Dictionary/thesaurus, Acronyms, Wikipedia, Hutchinson 0.06 sec.
EFTA: see European Free Trade Association European Free Trade Association (EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland.
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European Free Trade Association (EFTA)

International organization whose purpose is to remove barriers to trade in industrial goods among its members. The EFTA's current members are Iceland, Liechteinstein, Norway, and Switzerland. It was formed in 1960 by Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and Britain as an alternative to the European Economic Community (EEC). Some of those countries later left the EFTA and joined the EEC. In the 1990s Iceland, Liechtenstein, and Norway joined the European Economic Area, which also included all members of the European Union. Each country in the EFTA maintains its own commercial policy toward countries outside the group.


EFTA
European Free Trade Association; established in 1960 to eliminate trade tariffs on industrial products; now comprises Norway, Switzerland, Iceland, and Liechtenstein. Free trade was established between EFTA and the EC (now EU) in 1984. In 1994 EFTA (excluding Switzerland) and the EU together created the European Economic Area (EEA)
www.efta.int


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The types of transfers covered by the EFTA include transfers initiated through point-of-sale terminals, automated teller machines, and others.
There are quite a few other acronyms that come into play with NAFTA such as: CAGF, CARICOM, OAS, EEC, EFTA, CEFTA, ACM, OAU, APEC and ASEAN.
Britain never really believed EFTA could last: its real purpose was as a bargaining-chip that could lead to a wider European free trade area encompassing both the Six and the Seven.
 
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