The European Free Trade Association (EFTA) is the intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland. It was set up in 1960 by its then seven Member States for the promotion of free trade and economic integration between its members.
Main tasks
- Maintaining and developing the EFTA Convention, which regulates economic relations between the four EFTA States;
- Managing the Agreement on the European Economic Area (EEA Agreement), which brings together the Member States of the European Union and three of the EFTA States – Iceland, Liechtenstein and Norway – in a single market, also referred to as the “Internal Market”.
- Developing EFTA’s worldwide network of free trade agreements.
Mission
The European Free Trade Association (EFTA) is an intergovernmental organisation set up for the promotion of free trade and economic integration to the benefit of its four Member States – Iceland, Liechtenstein, Norway and Switzerland – and the benefit of their trading partners around the globe.
Member States
The four EFTA States are all open, competitive economies committed to the progressive liberalization of trade in the multinational arena as well as in free trade agreements.
Annual Budget
EFTA’s budget is prepared in two currencies: Swiss francs (CHF) and euros (EUR). Three of the four EFTA States contribute to cohesion in the European Union through a separate arrangement, the EEA and Norway Grants. The EFTA’s budget is prepared according to the framework budgeting principle used by the Member States’ public administrations. This approach aims to increase awareness of budgetary spending at all levels.