Norway and Switzerland were among the founding Member States of EFTA in 1960. Iceland joined EFTA in 1970, followed by Liechtenstein in 1991. Norway, Iceland (from 1994) and Liechtenstein (from 1995) are also parties to the European Economic Area (EEA) Agreement with the European Union, while Switzerland has signed a set of bilateral agreements with the EU*.

Although the four EFTA countries are small, they are world leaders in several sectors vital to the global economy. The two EFTA Alpine countries – Liechtenstein and Switzerland – are internationally renowned financial centres and hosts to major companies and multinationals. The two EFTA Nordic countries – Iceland and Norway – stand out in fish production, the metal industry and maritime transport.

* For more information regarding Switzerland's agreements with the EU, please see the European Commission website, and the Swiss Federal Administration website.