European Free Trade Association: In News
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.
- It is an intergovernmental organisation established in 1960 by the Stockholm Convention.
- Objective is to 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.
