On the other hand, discontent with Norway`s main trade agreements is growing. Norway currently has 29 bilateral free trade agreements with 41 countries. Trade in this context accounts for 10% of Norway`s international trade. In the event of a new EFTA accession for the Kingdom of Denmark, entry into force applies only to the Faroe Islands and/or Greenland, with EFTA membership geographically separate from EU membership (limited to Denmark). Membership of the EU with effect in Denmark does not exclude EFTA membership, whether in the Faroe Islands and/or Greenland. This form of EFTA membership seems to be the right one, given the importance of the EFTA treaty base. TOTAL: an example of Norwegian free trade agreements, including in areas where negotiations are under way. In a special edition of The World Economy, senior Research Fellow Hege Medin (NUPI) examines Norway`s free trade agreements outside the EEA and EFTA. Such agreements between two countries or groups of smaller countries are often referred to as bilateral trade agreements. For Norway, this means that we can export products that we have in abundance, such as fish and various metals, without them being considered too expensive for consumers in other countries. However, the Commission has argued that the sectoral approach does not address the major problems and is still unnecessarily complicated, while EU membership has been rejected in the near future because `the EU institutions are not suitable for the accession of these small countries`. The other options, EEA membership and an FAA with the States, proved feasible and were recommended by the Commission. In response to this request, the Council requested that negotiations with the three micro-states on further integration continue and that a report be prepared by the end of 2013, out of the effects of the two viable alternatives and recommendations for further work.
 “And,” she says, “with the uk- one of our main trading partners – withdrawing from the EU, we will probably have to negotiate a separate free trade agreement with them.” Since 1995, only two founding members remain, norway and Switzerland. The other five, Austria, Denmark, Portugal, Sweden and the United Kingdom, joined the EU in the intervening years. The initial Stockholm agreement was replaced by the Vaduz Agreement, which aimed to create a fruitful framework for further expansion and liberalization of trade, both between the organization`s Member States and with the rest of the world. The European Free Trade Association (EFTA) is a regional trade organisation and a free trade area made up of four European countries: Iceland, Liechtenstein, Norway and Switzerland.  The organisation works in parallel with the European Union (EU) and the four Member States participate in the European single market and are part of the Schengen area.  However, they are not parties to the customs union of the European Union. The following table summarizes the various components of EU legislation that are applied in EFTA countries and their sovereign territories.