West European trade pact
(N.Z.P.A.-Reuter—Copyright > BRUSSELS, July 23. The 14 - year - old economic division of Western Europe ended yesterday when the European Economic Community and the European Free Trade Association formally created a free trade zone of 300 m people.
Ministers and representatives from 16 Western European countries took part at a ceremony in Brussels to sign the new economic giant into being.
Formally, the agreements between the enlarged 10nation E.E.C. and each of the six E.F.T.A. countries will come into force on January 1. The first tariff reduction will take place on April 1, with full duty-free trade in industrial goods by mid-1977. Spain is now the only country of Western Europe outside the free trade zone, which alone accounts for more than 40 per cent of world trade, but Spain already has a preferential trading agreement with the E.E.C.
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Bibliographic details
Press, Volume CXII, Issue 32976, 24 July 1972, Page 13
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141West European trade pact Press, Volume CXII, Issue 32976, 24 July 1972, Page 13
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