European Economic Area: European Free Trade Association and European Union
European Economic Area: European Free Trade Association and European Union

Summary/Abstract: This paper is focused on the two biggest European institutions – European Free Trade Area (EFTA) and the European Union. Paper is in the first part focused on the development of their relationship, the history of participation on common market. It finds out that in the beginning these two organisations were mainly competing rivals and after years began to cooperate and in the 1990’s established the single common market by European Economic Area. In the second part the economic analysis of benefits of membership in EFTA is provided.

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