European Free Trade Association

The European Free Trade Association (EFTA) is an inter-governmental organization established in 1960 by seven European countries – Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom. The goal of the organization is to promote free trade and economic cooperation between its members. In addition, its aims include contributing to the development of a European single market. EFTA currently has four members: Austria, Norway, Switzerland, and Iceland. EFTA members benefit from free movement of goods, services and capital, as well as broad cooperation in areas such as research and technology, education, tourism and culture. The organization has negotiated over 40 free trade agreements with third countries, allowing its members to access markets around the world virtually tariff-free. EFTA also plays an important role in international negotiations and works to ensure economic stability in Europe.