European Free Trade Association


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Related to European Free Trade Association: European Union, European Economic Area

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. Iceland joined in 1970, Finland in 1986, and Liechtenstein in 1991. This group was known through the 1960s as the "outer seven" as opposed to the "inner six" members of the European Economic CommunityEuropean Economic Community
(EEC), organization established (1958) by a treaty signed in 1957 by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany (now Germany); it was known informally as the Common Market.
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 (EEC, or Common Market; after 1967 part of the European Community [EC], which is now the European UnionEuropean Union
(EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EC), an economic and political confederation of European nations, and other organizations (with the same member nations)
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 [EU]). It was organized largely on the initiative of Great Britain in an attempt to solve economic problems posed by the development of the EEC and Britain's exclusion from it.

EFTA began with two goals: to establish free trade among members and to seek a broader economic union with the rest of Western Europe. The first was accomplished in 1966, when most of the intra-EFTA tariffs were abolished. Negotiations toward the second goal began in 1961, when Great Britain sought entry into the EEC. Its bid was rejected (1963) by France; however, later discussions succeeded, and in 1973 Denmark and Great Britain left EFTA to join the EC. The same negotiations produced a trade accord between the newly expanded EC and the remaining members of EFTA. In 1986, Portugal also left EFTA for the EC. The development of a single market between the EU and most EFTA nations was completed in 1994, when the European Economic Area (EEA) came into being. EFTA members Austria, Finland, and Sweden joined the EU in 1995, but in Norway the voters rejected a similar move.

References in periodicals archive ?
The EEC is surrounded by the countries of the European Free Trade Association (EFTA) i.
Of the four major parts into which the book is divided the first part, is the largest, with seventeen papers on the overall theme of the problems and prospects of ASEAN co-operation in various fields; the other three parts of the book are devoted to the analysis of the experiences of European economic integration, of the European Free Trade Association and of economic co-operation between Australia and New Zealand and discuss the possible lessons for ASEAN that can be drawn from these experiences.
The ambassador also expressed hope that the ratification and implementation of the Free Trade Agreement between the Philippines and European Free Trade Association (EFTA) countries will bring more opportunities for expanded trade flows and commercial exchanges between the Philippines and Switzerland.
Mylan has exclusive commercialisation rights for the proposed biosimilar trastuzumab in the US, Canada, Japan, Australia, New Zealand and in the EU and European Free Trade Association countries.
In the meeting with trade minister it was agreed that economic cooperation and trade will be reinvigorated with European Free Trade Association (EFTA) countries.
1ST PHILIPPINES-EUROPEAN FREE TRADE ASSOCIATION TRADE TALKS - The first round of free trade talks between the Philippines and the members of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway, and Switzerland - convened 24-27 March 2015 in Makati City Philippines.
Switzerland is not an EU member state, but a member of the European Free Trade Association and has signed several bilateral treaties with the communitarian bloc which regulate, among others, free movement of people.
A policy officer at the European Free Trade Association Secretariat in Brussels, Johanna investigates relations between Iceland and the European Union (EU) through the lens of the European Economic Area (EEA) Agreement.
Luxembourg-based European Free Trade Association Court, said that deposit-guarantee laws did not cover 'a systemic bank failure of the magnitude experienced in Iceland.
FTAs with Bolivia, Canada [NAFTA], Chile, Costa Rica, Colombia (G-3), El Salvador, European Free Trade Association, Guatemala, Honduras, Japan, Israel.
One alternative emanating from the Bruges Group is to look at the European Free Trade Association and the conversion could be done within weeks, with no loss of Britain's trading relationship with other EU states.

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