While the EFTA is not a customs union and member states have full rights to enter into bilateral third-country trade arrangements, it does have a coordinated trade policy. As a result, its member states have jointly concluded free trade agreements with the EU and a number of other countries. To participate in the EU's single market, Iceland, Liechtenstein, and Norway are parties to the Agreement on a European Economic Area (EEA), with compliances regulated by the EFTA Surveillance Authority and the EFTA Court. Switzerland has a set of multilateral agreements with the EU and its member states instead.
While the EFTA is not a customs union and member states have full rights to enter into bilateral third-country trade arrangements it does have a coordinated trade policy As a result its member states have jointly concluded free trade agreements with the EU and a number of other countries To participate in the EU's single market Iceland Liechtenstein and Norway are parties to the Agreement on a European Economic Area (EEA) with compliances regulated by the EFTA Surveillance Authority and the EFTA Court Switzerland has a set of multilateral agreements with the EU and its member states instead