CURRENT CONTEXT : The Union Minister of Commerce and Industry recently announced that the Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA) will come into effect from 1st October 2025.

 ABOUT EUROPEAN FREE TRADE ASSOCIATION

• Established: 1960 by the Stockholm Convention
• Type: Intergovernmental organisation
• Objective: Promote free trade and economic integration among members and globally

 MEMBER COUNTRIES

• Founding Members: Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom
• Later Joined: Iceland (1970), Finland (1986), Liechtenstein (1991)
• Countries That Left EFTA to Join EU:
  • Denmark and UK (1973)
  • Portugal (1986)
  • Austria, Finland, and Sweden (1995)
• Current Members: Iceland, Liechtenstein, Norway, and Switzerland