European Free Trade Association
- (EFTA)With the national economy recovering at a swift pace during the latter half of the 1950s, the Austrian coalition government was eager to establish closer commercial relations with Western Europe. Austria’s official status as a neutral country made integration into the European Economic Community (EEC), the predecessor of the European Union (EU), problematic, even though Italy and Germany were fast becoming its most important trading partners.At first the Austrian regime pressed to turn all of Europe into a free trade zone. In 1960, at a meeting in Stockholm, Austria joined with Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland to form the European Free Trade Association. Each promised to give special tariff considerations to the exports of member states. The group agreed to lower quantitative limits on imports from one another’s countries. Unlike their counterparts in the EEC, EFTA participants were not required to synchronize the regulatory structures of their internal economies.The Austrian economy profited from the EFTA relationship. Austrian exports to EFTA countries rose from around 12 percent of its total exports in 1959 to more than 28 percent by 1970. At the same time, while the monetary value of its exports to the EEC rose dramatically— from 12.4 billion schillings to 30.6 billion in 1970—the overall percentage of Austrian imports in the EEC declined. However, the general thrust of Austrian policy was almost always to find a modus vivendi with the EEC, as was true of other EFTA states. In 1961, Great Britain had already made known its interest in joining the European Economic Community. A species of free-trade arrangement was set up between the EFTA and EEC members in 1973. The Soviet Union, which was eager to preserve Austrian neutrality, did not oppose the arrangement. Austrian membership in the EEC, which began in 1995, effectively abrogated the EFTA relationship.
Historical dictionary of Austria. Paula Sutter Fichtner. 2014.
Look at other dictionaries:
European Free Trade Association — See European Economic Area. Collins dictionary of law. W. J. Stewart. 2001. European Free Trade Association … Law dictionary
European Free Trade Association — ˌEuropean ˌFree ˈTrade Associˌation abbreviation EFTA noun COMMERCE an area in which goods and services can be traded freely, with no taxes on imports, established by Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and Britain in 1958 to … Financial and business terms
European Free Trade Association — [jʊərə piːən friː treɪd əsəʊsɪ eɪʃn, englisch], Abkürzung EFTA, die Europäische Freihandelsassoziation … Universal-Lexikon
European Free Trade Association — Infobox Geopolitical organisation conventional long name = European Free Trade Association (EFTA) linking name = the European Free Trade Association symbol type = Logo image symbol = EFTA logo.svg map caption = org type = Trade bloc membership… … Wikipedia
European Free Trade Association — Gründung 4. Januar 1960 Mitgliedstaaten … Deutsch Wikipedia
European Free Trade Association — an economic association established in 1960 and originally composed of Austria, Denmark, Britain, Norway, Portugal, Sweden, and Switzerland, that maintains free trade in industrial products among member countries. Abbr.: EFTA * * * group of … Universalium
European Free Trade Association — EFTA A trade association formed in 1960 between Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the UK. Finland, Iceland, and Liechtenstein joined later while the UK, Denmark, Portugal, Austria, Finland, and Sweden left on joining… … Big dictionary of business and management
European Free Trade Association — an economic association established in 1960 and originally composed of Austria, Denmark, Britain, Norway, Portugal, Sweden, and Switzerland, that maintains free trade in industrial products among member countries. Abbr.: EFTA … Useful english dictionary
European Free Trade Association — noun an association established in 1960 by Austria, Denmark, Norway, Portugal, Sweden, Switzerland, Liechtenstein, and the United Kingdom to eliminate customs duties, and quantitative restrictions on industrial products traded between its… … Australian English dictionary
European Free Trade Association — /ˌjυərəpi:ən fri: treɪd ə səυsieɪʃ(ə)n/ noun a group of countries (Iceland, Liechtenstein, Norway and Switzerland) formed to encourage freedom of trade between its members, and linked with the EU in the European Economic Area. Abbreviation EFTA … Dictionary of banking and finance