The European Free Trade Association: Bon voyage!

9 March 2019 | Author/Destination: | Rubric: Editorial, European Union, General, UNESCO World Heritage

© efta.int

© efta.int

The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland. The organization operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union. EFTA was historically one of the two dominant western European trade blocks, but is now much smaller and closely associated with its historical competitor, the European Union. It was established on 3 May 1960 to serve as an alternative trade bloc for those European states that were unable or unwilling to join the then European Economic Community (EEC), which subsequently became the European Union. The Stockholm Convention, to establish the EFTA, was signed on 4 January 1960 in the Swedish capital by seven countries (known as the “outer seven“). Whilst the EFTA is not a customs union and member states have full rights to enter into bilateral third-country trade arrangements, it does have a coordinated trade policy. As a result, its member states have jointly concluded free trade agreements with the EU and a number of other countries. To participate in the EU’s single market, Iceland, Liechtenstein, and Norway are parties to the Agreement on a European Economic Area (EEA), with compliances regulated by the EFTA Surveillance Authority and the EFTA Court. Switzerland has a set of bilateral agreements with the EU instead.   read more…

The European Free Trade Association: Bon appétit!

4 September 2018 | Author/Destination: | Rubric: Editorial, European Union, General

© efta.int

© efta.int

The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland. The organization operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union. EFTA was historically one of the two dominant western European trade blocks, but is now much smaller and closely associated with its historical competitor, the European Union. It was established on 3 May 1960 to serve as an alternative trade bloc for those European states that were unable or unwilling to join the then European Economic Community (EEC), which subsequently became the European Union. The Stockholm Convention, to establish the EFTA, was signed on 4 January 1960 in the Swedish capital by seven countries (known as the “outer seven“). Whilst the EFTA is not a customs union and member states have full rights to enter into bilateral third-country trade arrangements, it does have a coordinated trade policy. As a result, its member states have jointly concluded free trade agreements with the EU and a number of other countries. To participate in the EU’s single market, Iceland, Liechtenstein, and Norway are parties to the Agreement on a European Economic Area (EEA), with compliances regulated by the EFTA Surveillance Authority and the EFTA Court. Switzerland has a set of bilateral agreements with the EU instead.   read more…

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