EFTA definitions
| Word backwards | ATFE |
|---|---|
| Part of speech | EFTA is an acronym and stands for European Free Trade Association. It is a proper noun. |
| Syllabic division | The syllable separation of the word EFTA is EF-TA. |
| Plural | The plural of the word EFTA is EFTAs. For example, "There are four EFTAs currently in existence." |
| Total letters | 4 |
| Vogais (2) | e,a |
| Consonants (4) | e,f,t,a |
EFTA, or the European Free Trade Association, is an intergovernmental organization that promotes free trade and economic cooperation among its member states.
History of EFTA
EFTA was established in 1960 by seven European countries as an alternative trading block to the European Economic Community, which later evolved into the European Union.
Member Countries
As of now, EFTA has four member countries: Iceland, Liechtenstein, Norway, and Switzerland. These countries are not part of the EU but have signed various agreements with the EU to participate in the single market.
Objectives
The main objectives of EFTA include promoting economic integration, facilitating trade relations, and fostering cooperation in various economic sectors among its member states.
Benefits of EFTA
One of the key benefits of EFTA is the elimination of tariffs on industrial products traded among member countries. This helps reduce the cost of goods and promotes economic growth.
Free Trade Agreements
EFTA has also signed several free trade agreements with countries outside the organization, enhancing market access and expanding economic opportunities for its members.
Overall, EFTA plays a crucial role in promoting free trade, economic cooperation, and sustainable development among its member states, contributing to the prosperity and well-being of the European region.
EFTA Examples
- The European Free Trade Association (EFTA) consists of four countries: Iceland, Liechtenstein, Norway, and Switzerland.
- The EFTA Convention establishes the rules for cooperation among its member states.
- Iceland was a founding member of the EFTA in 1960.
- Switzerland is not a member of the European Union, but it is part of the EFTA.
- EFTA promotes free trade and economic integration among its members.
- Norway, as a member of the EFTA, has access to the EU's single market through its participation in the European Economic Area (EEA).
- Liechtenstein benefits from the free trade agreements signed by the EFTA.
- The EFTA Secretariat is headquartered in Geneva, Switzerland.
- Some countries in Eastern Europe have expressed interest in joining the EFTA as a stepping stone to EU membership.
- The EFTA Court ensures the uniform interpretation and application of EFTA law.