As part of the GCC, UAE has free trade agreements (FTAs) with Singapore, New Zealand and the European Free Trade Association (EFTA) of Switzerland, Norway, Iceland, and the Principality of Liechtenstein. Negotiations on the establishment of FTA with the EU, Japan, China, India, Pakistan, Turkey, Australia, Korea and the Group of Mercosur which include Brazil, Argentina, Uruguay and Paraguay are also on-going.