European Free Trade Association


European Free Trade Association
= EFTA
A trade association formed in 1960 between Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the UK. Finland, Iceland, and Liechtenstein joined later while the UK, Denmark, Portugal, Austria, Finland, and Sweden left on joining the European Union (or its earlier forms). EFTA is a looser association than the EU, dealing only with trade barriers rather than generally coordinating economic policy. All tariffs between EFTA and EU countries were abolished finally in 1984. EFTA is governed by a council in which each member has one vote; decisions must normally be unanimous and are binding on all member countries. In 1992 the European Economic Area (EEA) was formed to facilitate the movement of goods, services, capital, and labour between all EU and EFTA countries with the exception of Switzerland. EFTA has also signed economic cooperation treaties with some former eastern bloc countries.

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  • European Free Trade Association — See European Economic Area. Collins dictionary of law. W. J. Stewart. 2001. European Free Trade Association …   Law dictionary

  • European Free Trade Association — ˌEuropean ˌFree ˈTrade Associˌation abbreviation EFTA noun COMMERCE an area in which goods and services can be traded freely, with no taxes on imports, established by Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and Britain in 1958 to …   Financial and business terms

  • European Free Trade Association —   [jʊərə piːən friː treɪd əsəʊsɪ eɪʃn, englisch], Abkürzung EFTA, die Europäische Freihandelsassoziation …   Universal-Lexikon

  • European Free Trade Association — Infobox Geopolitical organisation conventional long name = European Free Trade Association (EFTA) linking name = the European Free Trade Association symbol type = Logo image symbol = EFTA logo.svg map caption = org type = Trade bloc membership… …   Wikipedia

  • European Free Trade Association — Gründung 4. Januar 1960 Mitgliedstaaten …   Deutsch Wikipedia

  • European Free Trade Association —    (EFTA)    With the national economy recovering at a swift pace during the latter half of the 1950s, the Austrian coalition government was eager to establish closer commercial relations with Western Europe. Austria’s official status as a… …   Historical dictionary of Austria

  • European Free Trade Association — an economic association established in 1960 and originally composed of Austria, Denmark, Britain, Norway, Portugal, Sweden, and Switzerland, that maintains free trade in industrial products among member countries. Abbr.: EFTA * * *       group of …   Universalium

  • European Free Trade Association — an economic association established in 1960 and originally composed of Austria, Denmark, Britain, Norway, Portugal, Sweden, and Switzerland, that maintains free trade in industrial products among member countries. Abbr.: EFTA …   Useful english dictionary

  • European Free Trade Association — noun an association established in 1960 by Austria, Denmark, Norway, Portugal, Sweden, Switzerland, Liechtenstein, and the United Kingdom to eliminate customs duties, and quantitative restrictions on industrial products traded between its… …   Australian English dictionary

  • European Free Trade Association — /ˌjυərəpi:ən fri: treɪd ə səυsieɪʃ(ə)n/ noun a group of countries (Iceland, Liechtenstein, Norway and Switzerland) formed to encourage freedom of trade between its members, and linked with the EU in the European Economic Area. Abbreviation EFTA …   Dictionary of banking and finance


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