On 14 November 2011, the ministers of the European Free Trade Association (EFTA) announced the opening of free trade negotiations with Costa Rica, Honduras and Panama. Other Central American countries could join the process at a later stage. Negotiations would begin in early 2012. The first round of negotiations took place in Geneva from 28 February to 1 March 2012. The second round was held in Panama in June 2012. The third round took place august 20-24 in San Jose, Costa Rica. The fourth round was held in Geneva from 29 October to 2 November. The fifth round of negotiations took place in Guatemala from 10 to 14 December 2012. The sixth round of negotiations was held in Geneva from 12 to 15 February 2013. Costa Rica, Panama and the European Free Trade Association (EFTA) signed a free trade agreement on 24 June 2013. Guatemala participated in the negotiations in 2012. Two years later, on 15 October 2014, Guatemala and EFTA countries concluded free trade negotiations under the EFTA-Central America Free Trade Agreement.
Negotiations between Honduras and EFTA are ongoing. In addition, Norway has a wide range of free trade agreements than before. “Twenty years ago, our trade agreements were generally about trade in goods.” In November 2012, after the Council of the European Union requested an assessment of the EU`s relations with Monaco, Andorra and San Marino, which they described as “fragmented”, the European Commission published a report setting out options for further integration into the EU.  Unlike Liechtenstein, which is a member of the EEA through EFTA and the Schengen agreements, relations with these three states are based on a set of agreements covering specific issues. The report examined four alternatives to the current situation: the European Free Trade Association (EFTA) is a regional trade organisation and a free trade area made up of four European countries: Iceland, Liechtenstein, Norway and Switzerland.  The organisation works in parallel with the European Union (EU) and the four Member States participate in the European single market and are part of the Schengen area.  However, they are not parties to the customs union of the European Union.
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