Question

What is EFTA? Why was it formed?​

Answer 1

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.

Answer 2

Answer:

The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland. The organization operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union.

Explanation:

The Reason for formation are :  

• The purpose of EFTA is to promote the nonagricultural economic development of its members by doing away with barriers to nonagricultural trade.
• On 12 January 1960, the Treaty on the European Free Trade Association was initiated in the Golden Hall of the Stockholm City Hall. This established the progressive elimination of customs duties on industrial products, but did not affect agricultural or fisheries products.

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