CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Switzerland's Ambassador to India recently voiced optimism that the country's vital European Free Trade Association (EFTA) agreement will be completed before the 2024 general elections.
About The European Free Trade Association (EFTA)
- The Stockholm Convention created it as an intergovernmental organization in 1960.
Objective
- Promotes free trade and economic cooperation among its members in Europe and around the world.
Member Countries
Iceland, Liechtenstein, Norway, and Switzerland are the current members of EFTA.
All EFTA members are open, competitive economies dedicated to progressive trade liberalization in the global arena as well as through free trade agreements.
Unlike the European Union (EU), EFTA does not have a customs union. This means that individual EFTA countries are allowed to set their own tariffs and other foreign trade measures in relation to non-EFTA countries.
The association is in charge of the following:
free commerce among EFTA members; EFTA's membership in the European Economic Area (EEA), which includes the European Union and three EFTA members (Iceland, Liechtenstein, and Norway, but not Switzerland);
EFTA's international network of free trade agreements.
The EFTA countries have one of the most extensive networks of Free Trade Agreements (FTAs). These FTAs cover approximately 60 countries and territories, including the European Union.
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