World Notes Trade

After two years of tortuous negotiations and a marathon, 16-hour final session, the 12 members of the European Community last week agreed with the seven-nation European Free Trade Association to form the world's largest trade bloc by 1993. The new European Economic Area will extend from the Arctic to the Mediterranean, embrace 380 million consumers, and account for 43% of world trade.

The treaty text of more than 1,000 pages includes such details as how many trucks can transit Austria and how many cod can be taken off Norway. In general, it requires EFTA to adopt most E.C. commercial practices, paving the way for a near doubling in the Community's size by the year 2000. EFTA countries can still maintain their own farm policies. Disputes, and there surely will be some, will be adjudicated by an independent joint court.