EFTA stands for the European Free Trade Association. It is a regional trade organization and free trade area consisting of four member states: Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 to promote trade and economic integration among its members and to provide a framework for trade relations with the European Union (EU) and other countries. EFTA countries engage in free trade agreements, which allow for the elimination of tariffs and other trade barriers between members, facilitating the movement of goods, services, capital, and labor. EFTA operates independently from the EU but has established agreements with the EU to allow its members to participate in the European single market to some extent. EFTA focuses on promoting open and competitive international trade, thus enhancing economic cooperation among its member states and with other economies globally.
The European Free Trade Association (EFTA), including Iceland, Liechtenstein, Norway, and Switzerland, has established a free trade agreement with Moldova, effective April 1st. The agreement will eliminate tariffs on 98.5%…