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 hotel is being developed in partnership with the Inner City Trust in Derry and substantial grant aid is being provided by the north's Department of Social Development, the International Fund for Ireland and the European Free Trade Association.
This would allow longer for talks than when former European Free Trade Association members Finland, Sweden andAustria joined in 1995.
For instance, the EC and the European Free Trade Association (EFTA), which comprises seven Western European countries, are discussing the formation of a 19-nation European Economic Area.
Additionally, the European Free Trade Association (EFTA), consisting of Austria, Switzerland, Finland, Iceland, Norway and Sweden, joined the ISO 9000 bandwagon adopting the same standards and requirements for registration as the EC.
In 1989, some 1,300 cross-border deals took place, involving companies in the EC and European Free Trade Association (EFTA) countries, for a total disclosed value of ecu 45 billion (about U.
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 CE mark is mandatory for specific product groups in the European Economic Area (EEA) consisting of the 27 Member States of the EU and the European Free Trade Association (EFTA) countries of Iceland, Norway, Switzerland and Liechtenstein.
CE Certification is mandatory for communication products sold into the European Economic Area, consisting of the 27 Member States of the European Union (EU) and four European Free Trade Association countries.
Switzerland, which is in the European Free Trade Association (EFTA) but not the EEA, also has to keep to EU rules - and as a result has now had numerous bilateral agreements frozen, following a referendum vote to restrict free movement.
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.
The UAE has also concluded the negotiations and the signing of free trade agreements with Singapore, European Free Trade Association (EFTA), Switzerland, Norway, Iceland, the Principality of Liechtenstein and New Zealand.

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