Efta Definition
The European Free Trade Association (EFTA) is a regional trade organization consisting of four European countries that operate under a free trade agreement. The four member states of EFTA are Iceland, Liechtenstein, Norway, and Switzerland. These countries are not members of the European Union (EU), but they are members of the European Economic Area (EEA).
EFTA was established in 1960 in order to promote free trade and economic cooperation between its member states. EFTA’s main objective is to reduce barriers to trade and create conditions that allow for the free movement of goods, services, capital, and people within the internal market. The association also seeks to provide a forum for its members to negotiate agreements on trade and other economic matters.
In addition to promoting free trade, EFTA also works to promote economic integration and cooperation between its member states and other countries in the world. One of the ways EFTA does this is through its development cooperation programs which provide financial and technical assistance to developing countries.
