In this article you get to know about EFTA full from and other different abbreviations of EFTA in various fields. EFTA full form refers to European Free Trade Association.
The European Free Trade Association is an intergovernmental organization founded in 1960. Its member states are Iceland, Liechtenstein, Norway, and Switzerland. EFTA aims to promote free trade and economic integration among its member countries. EFTA was established as an alternative to the European Economic Community which later became the European Union. The founding members of EFTA were initially looking for a more flexible and less politically integrated approach to economic cooperation compared to the EEC.
EFTA member countries participate in the European Single Market through various agreements with the EU. The most significant agreement is the European Economic Area Agreement, which links Iceland, Liechtenstein, and Norway to the EU’s internal market. This means that these countries enjoy access to the EU’s single market, including the free movement of goods, services, capital, and people.
EFTA also has several free trade agreements with countries and regions outside of the EU, such as Canada, Chile, Colombia, Mexico, Singapore, and the Southern African Customs Union. The main objectives of EFTA include promoting free trade and economic integration among its member states, expanding its network of FTAs with other countries and regions, and facilitating cooperation in areas such as competition policy, intellectual property rights, and public procurement.
EFTA operates through various institutional bodies, including the EFTA Council, the EFTA Surveillance Authority, and the EFTA Court. These bodies oversee the implementation and enforcement of agreements and ensure the proper functioning of the EFTA framework.
EFTA was established in 1960 with the signing of the Stockholm Convention. The founding members were Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom. Over the years, several countries have joined and left the association, resulting in the current membership of Iceland, Liechtenstein, Norway, and Switzerland. EFTA member countries have close economic ties with the European Union. While they are not EU members, they have developed various agreements to facilitate trade and economic cooperation. The EEA Agreement, signed in 1992, is the most significant agreement, ensuring participation in the EU’s internal market. Additionally, EFTA states have bilateral agreements with the EU, covering areas such as agriculture, fisheries, and customs.
EFTA has actively pursued free trade agreements with countries and regions outside the EU. These agreements aim to eliminate tariffs and other trade barriers, facilitating commerce and investment. Notable FTAs include those with Canada (the Canada-EFTA Free Trade Agreement), Chile, Colombia, Mexico, Singapore, and the Southern African Customs Union.
EFTA seeks to expand its network of FTAs beyond Europe. It actively engages in negotiations with countries and regions worldwide to foster trade liberalization. EFTA’s aim is to enhance market access, promote fair competition, and ensure the protection of intellectual property rights. EFTA’s decision-making and dispute settlement processes involve several institutional bodies. The EFTA Council comprises representatives from each member state and is responsible for overall policy-making. The EFTA Surveillance Authority oversees the implementation of the EEA Agreement, ensuring compliance with EU rules. The EFTA Court handles disputes related to the EEA Agreement, interpreting and applying EU law.
EFTA serves as a platform for its member countries to engage in trade liberalization, economic cooperation, and harmonization of regulations with both the EU and other countries around the world.
Different abbreviations of EFTA in various fields are as follows
| Term | Abbreviation | Category |
| EFTA | European Free Trade Association | Business |
| EFTA | European Free Trade Area | General |
| EFTA | The Easier For Them Association | General |
| EFTA | Electronic Fund Transfer Act | General |
| EFTA | European Flexographic Technical Association | General |
| EFTA | Estonian Film And Tv Awards | General |
| EFTA | Eastern Fat Tire Association | General |
| EFTA | Electronic Funds Transfer Association | General |
CONCLUSION:
Dear reader in this article you get to know about EFTA full from and EFTA term used in various other fields, If you have any query regarding this article kindly comment below.