European Free Trade Association (EFTA)
OrganizationAbout
The European Free Trade Association (EFTA) is an intergovernmental organization established in 1960 to promote free trade and economic integration among its member states. Initially formed by seven European countries, known as the "Outer Seven," EFTA currently consists of Iceland, Liechtenstein, Norway, and Switzerland. These countries maintain their own commercial policies outside the EFTA framework. EFTA's primary objectives include managing free trade among its members and participating in the European Economic Area (EEA), which integrates the economies of EFTA countries with the European Union. EFTA plays a significant role in global trade, having concluded numerous free trade agreements with countries worldwide. It is headquartered in Geneva, Switzerland, and operates with a minimal administrative structure. EFTA's legal framework is based on the Vaduz Convention, which establishes it as a free trade area without a common market or customs union. EFTA's current members benefit from its participation in the EEA, except for Switzerland, which maintains bilateral agreements with the EU. EFTA's influence extends beyond Europe, with trade agreements covering a vast market across four continents.
