Definitions

EFTA

EFTA

International organization whose purpose is to remove barriers to trade in industrial goods among its members. The EFTA's current members are Iceland, Liechteinstein, Norway, and Switzerland. It was formed in 1960 by Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and Britain as an alternative to the European Economic Community (EEC). Some of those countries later left the EFTA and joined the EEC. In the 1990s Iceland, Liechtenstein, and Norway joined the European Economic Area, which also included all members of the European Union. Each country in the EFTA maintains its own commercial policy toward countries outside the group.

Learn more about European Free Trade Association (EFTA) with a free trial on Britannica.com.

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