The European Free Trade Association (EFTA) currently consists of four countries: Iceland, Liechtenstein, Norway and Switzerland. It was founded in 1960. Many of the original Member States have since joined the European Union (EU). Together with 27 EU Member States, the EFTA Member States Norway, Liechtenstein and Iceland form the European Economic Area (EEA). One EFTA member, Switzerland, has not joined the EEA but has a series of bilateral agreements, including a free trade agreement, with the EU.