The Agreement covers trade in industrial products, including fish and other marine products, and processed agricultural products. In addition, individual EFTA States and Egypt concluded bilateral agreements on basic agricultural products, which form part of the instruments creating the free trade area. The main objective of the Agreement is to achieve the liberalisation of trade in goods in conformity with the relevant WTO provisions. By 1 January 2020, customs duties on almost all industrial products will have been eliminated.
The Agreement also includes provisions relating to the elimination of other trade barriers as well as trade-related disciplines including rules on competition, state monopolies and subsidies. Moreover, the Agreement contains provisions on the protection of intellectual property, investment, services, current payments and capital movements, government procurement, economic co-operation and institutional and procedural matters. The Agreement establishes a Joint Committee which supervises the application of the Agreement and provides for binding arbitration.