In 2011, a total of 373 new legal acts were incorporated into the EEA Agreement. Important additions include the Renewable Energy Directive, the new Social Security Regulation and the inclusion of aviation activities in the EU Emissions Trading Scheme. Also in 2011, Hong Kong China and Montenegro joined EFTA's expanding network of free trade partners. The EFTA States now have preferential free trade relations with 60 countries in Europe and the rest of the world, as well as with each other, meaning that 80% of EFTA’s merchandise trade is covered by preferential trading arrangements.

The EFTA Council in Geneva held its first meeting in 2012 on 15 February. Switzerland, holding the rotating Council Chair for the first six months of the year, presented its priorities. The Council also reviewed the latest negotiating round with Russia, Belarus and Kazakhstan.