The European Free Trade Association (EFTA) is a trade organisation established in 1960 by Denmark, Norway, Portugal, Switzerland, Sweden, UK and Austria. The EFTA was created to function as an intergovernmental organisation for the promotion of free trade and economic integration between its Convention States, as an alternative to the newly established European Economic Community (EEC), which subsequently developed into the European Community (EC) and then the European Union (EU). Finland joined in 1961, Iceland in 1970 and Liechtenstein in 1991. By that time Denmark, Portugal and the UK had left the EFTA to join the EEC. In 1989, the Member States of the EC and EFTA agreed to negotiate an agreement establishing a single market encompassing the EC (now EU) and the participating EFTA States. The European Economic Area (EEA) Agreement entered into force on 1 January 1994. Switzerland signed the Agreement in May 1992 but did not ratify it after its electorate and cantons rejected EEA membership on 6 December 1992. Austria, Finland and Sweden subsequently left EFTA to join the EU. Today, the