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European Free Trade Association
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European Free Trade Association
Organization established in 1960 and consisting of Iceland, Norway, Switzerland, and (from 1991) Liechtenstein, previously a non-voting associate member. There are no import duties between members. Of the original EFTA members, Britain and Denmark left in 1972 to join the European Community (EC), as did Portugal in 1985; Austria, Finland, and Sweden joined the European Union (EU) in 1995.
In 1972 the EC signed agreements with EFTA members, setting up a free-trade area of over 300 million consumers. A further pact signed in October 1991 provided for the creation of a European Economic Area (EEA) in 1994, allowing EFTA greater access to the EC market.
© Research Machines plc 2008. All rights reserved. Helicon Publishing is a division of Research Machines plc.
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balance of payments
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Bank of England
building society
capitalism
command economy
council tax
credit (economics)
debt
economic activity
electronic commerce
enterprise zone
euro
European Free Trade Association
European Union
finance, sources of
financial institution
free enterprise
free trade
gross domestic product
gross national product
hire purchase
inflation (economics)
International Monetary Fund
loan
manufacturing industry
monetarism
mortgage
national debt
National Economic Development Council
nationalism (politics)
overdraft
pension
private enterprise
private finance initiative
private sector
privatization
public sector
public spending
service industry
single European currency
student finance
taxation
unemployment
balance of payments
bank
Bank of England
building society
capitalism
command economy
council tax
credit (economics)
debt
economic activity
electronic commerce
enterprise zone
euro
European Free Trade Association
European Union
finance, sources of
financial institution
free enterprise
free trade
gross domestic product
gross national product
hire purchase
inflation (economics)
International Monetary Fund
loan
manufacturing industry
monetarism
mortgage
national debt
National Economic Development Council
nationalism (politics)
overdraft
pension
private enterprise
private finance initiative
private sector
privatization
public sector
public spending
service industry
single European currency
student finance
taxation
unemployment
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