European Free Trade Association

(EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland. Iceland joined in 1970, Finland in 1986, and Liechtenstein in 1991. This group was known through the 1960s as the "outer seven" as opposed to the "inner six" members of the European Economic CommunityEuropean Economic Community
(EEC), organization established (1958) by a treaty signed in 1957 by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany (now Germany); it was known informally as the Common Market.
..... Click the link for more information. (EEC, or Common Market; after 1967 part of the European Community [EC], which is now the European UnionEuropean Union
(EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EC), an economic and political confederation of European nations, and other organizations (with the same member nations)
..... Click the link for more information. [EU]). It was organized largely on the initiative of Great Britain in an attempt to solve economic problems posed by the development of the EEC and Britain's exclusion from it.

EFTA began with two goals: to establish free trade among members and to seek a broader economic union with the rest of Western Europe. The first was accomplished in 1966, when most of the intra-EFTA tariffs were abolished. Negotiations toward the second goal began in 1961, when Great Britain sought entry into the EEC. Its bid was rejected (1963) by France; however, later discussions succeeded, and in 1973 Denmark and Great Britain left EFTA to join the EC. The same negotiations produced a trade accord between the newly expanded EC and the remaining members of EFTA. In 1986, Portugal also left EFTA for the EC. The development of a single market between the EU and most EFTA nations was completed in 1994, when the European Economic Area (EEA) came into being. EFTA members Austria, Finland, and Sweden joined the EU in 1995, but in Norway the voters rejected a similar move.

European Free Trade Association

European Free Trade Association (EFTA)

a regional ‘free trade area’ established in 1959 with the general objective of securing the benefits to be derived from greater INTERNATIONAL TRADE (see TRADE INTEGRATION entry for details). There were originally seven members of EFTA: the UK, Sweden, Switzerland, Austria, Denmark, Norway and Portugal; these countries opted for a less comprehensive integration of their economies than that required by membership of the EUROPEAN UNION (EU) formed the year previously. In 1973, however, the UK and Denmark left and joined the EU, and Portugal joined the EU in 1986. Three countries have joined EFTA: Finland in 1961, Iceland in 1970 and Liechtenstein in 1991. However, the whole future of EFTA has been put in the melting pot as a further three members (Finland, Austria and Sweden) joined the European Union in 1995 and it is possible that others may follow. See EUROPEAN ECONOMIC AREA.

European Free Trade Association (EFTA)

a regional alliance established by the Stockholm Treaty, 1959, with the general objective of securing the benefits of FREE TRADE for its member countries. EFTA came about following the breakdown of attempts in the latter half of the 1950s to create a large European-based CUSTOMS UNION. Those countries in favour of the customs union approach, with its detailed commitment to long-term economic integration, duly formed the EUROPEAN UNION (EU) in 1958. The remainder, for a variety of reasons such as colonial connections and a political preference for neutrality, chose the FREE TRADE AREA route and formed EFTA.

There were seven original members of EFTA: Austria, the UK, Denmark, Norway, Portugal, Sweden and Switzerland. Finland joined in 1961, Iceland in 1970 and Liechtenstein in 1991. In 1973, however, the UK and Denmark left and joined the EU, and Finland, Sweden and Austria joined the EU in 1995.

Import restrictions on trade between member countries were abolished in stages over the period 1960–66, while each country continued to operate its own separate TARIFFS, etc., against nonmembers.

See EUROPEAN ECONOMIC AREA, GAINS FROM TRADE.

单词	european free trade association
释义	European Free Trade Association European Free Trade Association n (Economics) See EFTA European Free Trade Association European Free Trade Association (EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland. Iceland joined in 1970, Finland in 1986, and Liechtenstein in 1991. This group was known through the 1960s as the "outer seven" as opposed to the "inner six" members of the European Economic CommunityEuropean Economic Community (EEC), organization established (1958) by a treaty signed in 1957 by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany (now Germany); it was known informally as the Common Market. ..... Click the link for more information. (EEC, or Common Market; after 1967 part of the European Community [EC], which is now the European UnionEuropean Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EC), an economic and political confederation of European nations, and other organizations (with the same member nations) ..... Click the link for more information. [EU]). It was organized largely on the initiative of Great Britain in an attempt to solve economic problems posed by the development of the EEC and Britain's exclusion from it. EFTA began with two goals: to establish free trade among members and to seek a broader economic union with the rest of Western Europe. The first was accomplished in 1966, when most of the intra-EFTA tariffs were abolished. Negotiations toward the second goal began in 1961, when Great Britain sought entry into the EEC. Its bid was rejected (1963) by France; however, later discussions succeeded, and in 1973 Denmark and Great Britain left EFTA to join the EC. The same negotiations produced a trade accord between the newly expanded EC and the remaining members of EFTA. In 1986, Portugal also left EFTA for the EC. The development of a single market between the EU and most EFTA nations was completed in 1994, when the European Economic Area (EEA) came into being. EFTA members Austria, Finland, and Sweden joined the EU in 1995, but in Norway the voters rejected a similar move. European Free Trade Association European Free Trade Association (EFTA) a regional ‘free trade area’ established in 1959 with the general objective of securing the benefits to be derived from greater INTERNATIONAL TRADE (see TRADE INTEGRATION entry for details). There were originally seven members of EFTA: the UK, Sweden, Switzerland, Austria, Denmark, Norway and Portugal; these countries opted for a less comprehensive integration of their economies than that required by membership of the EUROPEAN UNION (EU) formed the year previously. In 1973, however, the UK and Denmark left and joined the EU, and Portugal joined the EU in 1986. Three countries have joined EFTA: Finland in 1961, Iceland in 1970 and Liechtenstein in 1991. However, the whole future of EFTA has been put in the melting pot as a further three members (Finland, Austria and Sweden) joined the European Union in 1995 and it is possible that others may follow. See EUROPEAN ECONOMIC AREA. European Free Trade Association (EFTA) a regional alliance established by the Stockholm Treaty, 1959, with the general objective of securing the benefits of FREE TRADE for its member countries. EFTA came about following the breakdown of attempts in the latter half of the 1950s to create a large European-based CUSTOMS UNION. Those countries in favour of the customs union approach, with its detailed commitment to long-term economic integration, duly formed the EUROPEAN UNION (EU) in 1958. The remainder, for a variety of reasons such as colonial connections and a political preference for neutrality, chose the FREE TRADE AREA route and formed EFTA. There were seven original members of EFTA: Austria, the UK, Denmark, Norway, Portugal, Sweden and Switzerland. Finland joined in 1961, Iceland in 1970 and Liechtenstein in 1991. In 1973, however, the UK and Denmark left and joined the EU, and Finland, Sweden and Austria joined the EU in 1995. Import restrictions on trade between member countries were abolished in stages over the period 1960–66, while each country continued to operate its own separate TARIFFS, etc., against nonmembers. See EUROPEAN ECONOMIC AREA, GAINS FROM TRADE. AcronymsSeeEFTA
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