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Additionally, free trade agreements were concluded between EFTA States and a number of other countries worldwide too. The organization was parallel to the already existing body - the European Economic Community (being a part of the Economic Communities – later commonly referred to as the Economic Community which after having grown in size is referred to as the European Union). Nowadays EFTA numbers only 4 countries: Iceland, Lichtenstein, Norway and Switzerland.
European Economic Area came into being in 1994 upon an agreement signed two years earlier. The concluded agreement concerns contemporary EFTA countries (except for Switzerland) and the EU countries...
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