European Free Trade Association (EFTA), an international state-monopoly association of West European countries set up in 1960 by Britain, Sweden, Norway, Denmark, Austria, Switzerland and Portugal to expand trade between these countries, the aim being to counterbalance the activities of the Common Market (see European Economic Community). In 1970, EFTA was joined by Iceland. In 1961, Finland became an associate member. In 1967, the EFTA countries abolished customs duties and quantitative restrictions on industrial goods sold within the association. As distinct from the EEC, EFTA did not plan to evolve a coordinated foreigntrade policy towards third countries or set up an economic and political alliance. The abolition of trade restrictions did promote trade within the association, but not to the hoped-for extent. In the early 1970s trade within the EEC reached almost half its gross trade turnover, while in the EFTA only a quarter. The association plunged into a deep crisis. In 1973, Britain, the principal member state, and Denmark left EFTA to join the EEC, and this in fact signified the disintegration of the association, although it still formally exists. The remaining EFTA member states have been obliged to sign an agreement with the EEC on setting up a zone of free trade in industrial goods by 1984.