European Free Trade Association (EFTA)

1. European Free Trade Association (EFTA) KhemaphanHoontrakul 5004640446 Phanomkwan Devahastin 5004640768

2. History The European Free Trade Association (EFTA) was established on 3 May 1960as a trade bloc-alternative for European states who were either unable to, or chose not to, join the then European Economic Community (now the European Union (EU). The EFTA Convention was signed on 4 January 1960 in Stockholm by the “outer seven states”which includes Austria, Denmark, Norway, Portugal, Sweden, Switzerland and UK. Today only Iceland, Norway, Switzerland, and Liechtenstein remain members of EFTA.

3. EFTA and the EU 2009 1960 Austria, Denmark, Norway, Portugal, Sweden, Switzerland and the UK establish EFTA 1970 Iceland becomes a member of EFTA 1972 Denmark and the UK leave EFTA to join the EEC (EU) 1985 Portugal leaves EFTA to become a member of the EEC (EU) 1986 Finland becomes a full member of EFTA 1991 Liechtenstein becomes a member of EFTA 1995 Austria, Finland and Sweden leave EFTA to join the EU

4. International Relationship • -Currently, the EFTA States have established preferential trade relations with 20 States and Territories, in addition to the 27 Member States of the European Union. • EFTA FTAs establish a free trade area between the partner countries, by providing for free trade inindustrial goods, including fish and other marine products and processed agriculturalproducts • Trade inbasic agricultural products is covered in bilateral agreements between the individual EFTA States and thepartner country, which form part of the instruments establishing the free trade area.

5. Nations the EFTA has an FTA with in dark blue, negotiating an FTA with in dark cyan, has a declaration on cooperation with in purple, and is in a "joint workgroup" with in dark red; the EFTA is light green.

6. EFTA-CANADA Free Trade Agreement Become Operational • The Free Trade Agreement between EFTA and Canada entered into force on 1 July 2009. • The EFTA-Canada Free Trade Agreement, which is focused on trade in goods, has the potential to yield significant benefits for exporters in all five participating countries. • It provides new links between European and North-American supply and value chains. • - The areas of services, investment and government procurement are the subject of reviews foreseen within three years after the entry into force. • - The EFTA States’ main exports to Canada are mineral fuels, pharmaceutical and chemical products, as well as machinery. • - Canada primarily exported nickel, aircraft, pharmaceutical products, machinery and mechanical appliances to EFTA.

9. Canada’s top Commodity exports to EFTA member states (2008)

10. Canada’s top Commodity imports from EFTA member states (2008)

13. Conclusion • Iceland, Switzerland and Liechtenstein have small population and limited natural resources, making them likely to benefit from import of natural resources, and manufactured products from Canada. • Norway, however, has larger land and natural resources compared to other members which can make them benefit from increase in exports to Canada. • Canada will benefit from exporting mineral and agricultural products to EFTA members, while EFTA will benefit from exporting marine product, fuels and capital goods. • Both EFTA and Canada will benefit from the bilateral agreement

14. Reference http://en.wikipedia.org/wiki/European_Free_Trade_Association#EFTA_and_the_European_Union http://www.efta.int/ http://www.efta.int/content/free-trade/trade-statistics/canada-commodities.pdf

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