EFTA


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EFTA:

see European Free Trade AssociationEuropean 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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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
References in periodicals archive ?
The EFTA nations, which have close relations with the 15-member European Union through the European Economic Area pact, have free-trade pacts with some East European and Mediterranean nations plus Mexico.
EEA represented a new way of structuring the relationship between EC and EFTA and was clearly influenced by the changing security situation in Europe, as the socialist world underwent traumatic transformations.
EFTA: A Rival Vision of European Cooperation That Lost Out
In addition, the agreement between the EFTA and EU also covers cooperation in other important areas such as research and development, education, social policy, the environment, consumer protection, tourism and culture, collectively known as "flanking and horizontal" policies.
Norwegian Ambassador to the Philippines Bjorn Jahnsen described the FTA as 'the basis for future growth of trade between our countries.' He added the governments have done their role in sealing the trade deal, 'now it is up to the private sectors, in both the Philippines and the Efta states, to take advantage of this agreement.'
"With the recently ratified free trade agreement between Norway and the other countries in EFTA and the Philippines, your country has become even more attractive to Norwegian companies," said the ambassador.
'Once effective, the FTA is expected to have positive impact on growth and increase trade between EFTA countries and the Philippines.
The Philippines signed in April this year an agreement with Efta, the country's second bilateral agreement after the Philippine Japan Economic Partnership Agreement.
The EFTA States have contributed to the development and strengthening of global norms and must continue to do so.
So far, EFTA has concluded 16 FTAs, which represent 5% of its total trade (73% of EFTA's trade is with the EU) and only four of them are of second generation (Mexico, South Korea, Singapore and Chile).
ICELAND is currently not complying with the EU directive 2002/88/EC harmonising laws on non-road mobile machinery pollution alleges the European Free Trade Area (EFTA) Surveillance Authority.