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European Free Trade Association

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(EFTA) Organization established 1960 consisting of Iceland, Norway, Switzerland, and (from 1991) Liechtenstein, previously a nonvoting associate member. There are no import duties between members. Of the original EFTA members, Britain and Denmark left (1972) to join the European Community (EC), as did Portugal (1985); Austria, Finland, and Sweden joined the EC's successor, the European Union, 1995.
In 1973 the EC signed agreements with EFTA members, setting up a free-trade area of over 300 million consumers. Trade between the two groups amounted to over half of total EFTA trade. A further pact signed Oct 1991 between the EC and EFTA provided for a European Economic Area (EEA), allowing EFTA greater access to the EC market by ending many of the restrictions. The EEA came into effect Jan 1994.

1. Evropsko udruženje za slobodnu trgovinu

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