The EFTA Convention effectively applies to relations
between Switzerland and the EEA EFTA States, as
trade relations between Iceland, Liechtenstein and
Norway are largely governed by the EEA Agreement.
It is updated regularly by the EFTA Council to
reflect common developments under both the EEA
Agreement and Swiss bilateral agreements with the
European Union, ensuring that the EFTA States benefit
from virtually the same privileged relationship among
themselves as they do with the EU.