The EFTA-Singapore FTA (ESFTA) initiative was first mentioned at the EFTA Ministerial Meeting on 12 Dec 2000. The EFTA is a free trade area comprising of Switzerland, Iceland, Liechtenstein and Norway.  After one round of exploratory talks in Geneva, both sides announced the launch of negotiations on 4 May 2001. The Agreement was signed on 26 June 2002 , in Egilsstadir, Iceland, after three rounds of negotiations which took place from July-November 2001.The Agreement came into force on 1 January 2003 and is currently Singapore's only FTA with Europe.