European Free Trade Association

The European Free Trade Association (EFTA) is an intergovernmental organization founded in 1960 to promote free trade and economic integration among its member countries. Unlike the European Union, EFTA countries have freedom to make their own trade agreements outside the group. Currently, it includes Iceland, Liechtenstein, Norway, and Switzerland. EFTA enables its members to trade without tariffs on goods and fosters cooperation in areas like service industries and investments, contributing to economic growth and collaboration among its member nations while allowing them to retain control over their individual economies.