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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]
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
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 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]
The EFTA Surveillance Authority (ESA) monitors compliance with the Agreement on the European Economic Area (EEA) in Iceland, Liechtenstein and Norway (the EEA EFTA States). ). ESA operates independently of the States and safeguards the rights of individuals and undertakings under the EEA Agreement, ensuring free movement, fair competition, and control of state
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.
All form part of the European Union customs area; however, some fall outside of the Schengen Area and the European Union Value Added Tax Area. Seven Outermost Regions were recognised at the signing of the Maastricht Treaty in 1992. [1] The Treaty of Lisbon included two additional territories (Saint Barthélemy and Saint Martin) in 2007. [5]
Committee consideration by House Banking, Finance, and Urban Affairs, Senate Banking, Housing, and Urban Affairs; Passed the House on October 11, 1978 (passed) Passed the Senate on October 12, 1978 (passed) with amendment; House agreed to Senate amendment on October 14, 1978 (341–32, in lieu of H.Res. 1439) with further amendment