EUROPEAN
FREE TRADE ASSOCIATION - INTERNATIONAL
News:
India and European Free
Trade Association member countries close to agreement on free trade
What's
in the news?
●
Switzerland's Ambassador to India has
expressed optimism that the crucial European Free Trade Association (EFTA) deal
with India would be wrapped up before the 2024 general elections.
European
Free Trade Association (EFTA):
●
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.
Formed
by - Stockholm
Convention, subsequently amended by Vaduz Convention.
Features:
●
EFTA was established on 3 May 1960 to
serve as an alternative trade bloc for those European states that were unable
or unwilling to join the then European
Economic Community (EEC), the main predecessor of the EU.
●
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.
●
While the EFTA is not a customs union
and member states have full rights to enter into bilateral third-country trade
arrangements, it does have a coordinated trade policy.
●
As a result, its member states have
jointly concluded free trade agreements with the EU and several other
countries.