EFTA (European Free Trade Association)

The European Free Trade Association (EFTA) is a regional organization established in 1960 that promotes free trade and economic cooperation among its member countries, mainly in Europe. Unlike the European Union, EFTA members retain more independence over their laws and regulations, but they agree to eliminate tariffs and trade barriers with each other, making it easier and cheaper to buy and sell goods across borders. Currently, EFTA includes countries like Iceland, Liechtenstein, Norway, and Switzerland. It provides a platform for smaller economies to benefit from collective trade agreements without the broader political or regulatory integration required by the EU.