EFTA

The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway, and Switzerland. It operates in parallel to the European Union and participate in the Single Market and Schengen Treaty but not the full Customs Union. It is seen as a first step for a newly independent Scotland allowing it to establish itself with Europe, after which the country will decide whether to move to join the European Union.