European Free Trade Association definitions
| Word backwards | naeporuE eerF edarT noitaicossA |
|---|---|
| Part of speech | Proper noun |
| Syllabic division | Eu-ro-pe-an Free Trade As-so-ci-a-tion. |
| Plural | The plural form of European Free Trade Association is European Free Trade Associations. |
| Total letters | 28 |
| Vogais (7) | e,u,o,e,a,a,i |
| Consonants (11) | e,r,p,n,f,t,d,a,s,c |
European Free Trade Association (EFTA)
The European Free Trade Association (EFTA) is an intergovernmental organization that promotes free trade and economic cooperation between its member states. EFTA was established in 1960 as an alternative to the European Economic Community (EEC), which later became the European Union (EU).
Member States
EFTA currently has four member states: Iceland, Liechtenstein, Norway, and Switzerland. These countries are not part of the EU but have signed various trade agreements with the EU to facilitate economic relations.
Objectives
The main objectives of EFTA include the promotion of free trade in goods and services among its member states, the negotiation of trade agreements with third countries, and the elimination of barriers to trade.
Trade Agreements
EFTA member states have signed several trade agreements with countries around the world, including Canada, Chile, Mexico, and Singapore. These agreements aim to reduce tariffs and other trade barriers, making it easier for companies to do business internationally.
Relationship with the European Union
While not part of the EU, EFTA member states have close economic ties with the EU through the European Economic Area (EEA) agreement. The EEA allows for the free movement of goods, services, capital, and people between EFTA and EU countries.
Economic Integration
EFTA plays a crucial role in promoting economic integration among its member states and fostering trade relationships with countries outside the organization. This helps to boost economic growth and create new business opportunities.
Free Trade Principles
At the core of EFTA's mission are the principles of free trade, competition, and promoting a level playing field for businesses. By reducing trade barriers and establishing fair competition rules, EFTA aims to enhance economic prosperity for its member states.
European Free Trade Association Examples
- The European Free Trade Association was established in 1960 to promote free trade and economic cooperation among its member states.
- Switzerland is not a member of the European Union, but it is a member of the European Free Trade Association.
- Iceland is one of the founding members of the European Free Trade Association.
- Liechtenstein joined the European Free Trade Association in 1991.
- Norway is a member of the European Free Trade Association, but not of the European Union.
- The European Free Trade Association has a secretariat based in Geneva, Switzerland.
- The European Free Trade Association aims to promote trade relations with countries outside of the European Union.
- The European Free Trade Association has signed free trade agreements with countries such as Canada and Singapore.
- The European Free Trade Association provides technical assistance to its member states on trade-related issues.
- Liechtenstein, Iceland, Norway, and Switzerland are all members of the European Free Trade Association.