Important Abbreviations

EFTA stands for European Free Trade Association. It is an intergovernmental organization of four countries: Iceland, Liechtenstein, Norway, and Switzerland. EFTA was founded in 1960 as an alternative to the European Economic Community (EEC), which later became the European Union (EU). The goal of EFTA is to promote free trade between its members. EFTA members have their own trade agreements with the EU, but they are not part of the EU’s single market.