European Free Trade Association

European Free Trade Association Latest News

• Recently, the Trade and Economic Partnership Agreement (TEPA) between India and the member states of the European Free Trade Association (EFTA) has completed two years since its signing.
• About European Free Trade Association
• It is an intergovernmental organisation established in 1960 by the Stockholm Convention.
• Objective: Promotes free trade and economic integration between its members within Europe and globally.
• Member Countries: Iceland, Liechtenstein, Norway, and Switzerland.
• The members of this organization are all open, competitive economies committed to the progressive liberalisation of trade in the multinational arena as well as in free trade agreements. 
• In contrast to the European Union (EU), it is not a customs union. 
• Headquarters: EFTA Secretariat is located in Geneva.
• It assists the EFTA Council in the management of relations between the 4 EFTA States and deals with the negotiation and operation of EFTA’s FTAs.
• Governance

• • EFTA Council: Its highest governing body is the EFTA. It generally meets 8 times a year at the ambassadorial level and twice a year at the ministerial level.
  • EFTA Surveillance Authority (ESA): It monitors compliance with European Economic Area (EEA) rules in Iceland, Liechtenstein and Norway. 
  • EFTA Court: It is based in Luxembourg and has the competence and authority to settle internal and external disputes regarding the implementation, application or interpretation of the EEA agreement.

Source: PIB

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