EFTA was historically one of the two dominant western European trade blocs, but is now much smaller and closely associated with its historical competitor, the European Union. It was established on 3 May 1960 to serve as an alternative trade bloc for those European states that were unable or unwilling to join the then European Economic Community (EEC) (which subsequently became the European Union). The Stockholm Convention, to establish the EFTA, was signed on 4 January 1960 in the Swedish capital by seven countries (known as the "outer seven"). Since 1995, only two founding members remain, namely Norway and Switzerland. The other five, Austria, Denmark, Portugal, Sweden and the United Kingdom, have joined the EU in the intervening years.