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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. [4] As a result, its member states have jointly concluded free trade agreements with the EU and a number of other countries. [4]
All of the new CEFTA countries are prospective members of the EU and hence EFTA is the only free trade area with a long-term future, as there are no immediate plans for these countries to change their present status. However, CEFTA may gain new members in the form of countries neighbouring the present EU. [1] [2]
The EFTA Surveillance Authority and the EFTA Court regulate the activities of the EFTA members in respect of their obligations in the European Economic Area (EEA). The EFTA Surveillance Authority performs the European Commission's role as "guardian of the treaties" for the EFTA countries to ensure the EEA Agreement is being followed.
The European Union has concluded free trade agreements (FTAs) [1] and other agreements with a trade component with many countries worldwide and is negotiating with many others. [2]
EFTA is the European Free Trade Association, a trade organisation and free trade area. EFTA may also refer to: European Fair Trade Association, an association of eleven fair trade importers; European Federation of Taiwanese Associations; Electronic Fund Transfer Act, act passed by the U.S. Congress in 1978
In 1999, Canada entered into free trade negotiations with the EFTA. Negotiations concluded successfully in June 2007, and the FTA between Canada and the EFTA States was signed on January 26, 2008. Bilateral Agreements on Agriculture between Canada and each EFTA State were appended to the CEFTA. Both came into effect on July 1, 2009.
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
The European Fair Trade Association (EFTA) is a Dutch association established informally in 1987. [1] It gained formal status in 1990. It regroups 11 fair trade importers in 9 European countries: Austria , Belgium , France , Germany , Italy , Netherlands , Spain , Switzerland and the United Kingdom .