OTHER NEWS - Oct. 22, 1991
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Nations Agree to Form Huge Market: The European Community (EC) and the European Free-Trade Assn. (EFTA) of northern Europe agreed in Luxembourg to form the world’s largest common market. The 12 EC countries and the seven members of the EFTA announced the agreement after tough bargaining that teetered on the brink of failure for 15 hours. EFTA is composed of Sweden, Austria, Norway, Switzerland, Finland, Iceland and Liechtenstein. The organization began negotiating with the EC in July, 1990, to form a joint European Economic Area stretching from the Mediterranean to the Arctic, comprising 19 countries and nearly 400 million people.
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