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Economy

This fact was correct when it was updated on 22 Sep 2020

What is the European Free Trade Association?

The European Free Trade Association (EFTA) is a free trade area comprising Iceland, Liechtenstein, Norway and Switzerland. EFTA is not a customs union, meaning that member states may negotiate bilateral trade arrangements with other countries. However, its member states have jointly concluded free trade agreements with several third countries. While Iceland, Liechtenstein and Norway participate in the EU’s single market as parties to the European Economic Area (EEA) agreement, Switzerland does so through a series of bilateral agreements with the EU.

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