What is the single market?

The single market is the unified market encompassing all EU member states. Iceland, Liechtenstein and Norway participate in the EU’s single market as parties to the European Economic Area (EEA) agreement, while Switzerland does so through a series of bilateral agreements with the EU. The single market is based on four freedoms: free movement of goods, people, services and capital between member states. It is underpinned by a single set of rules and the principle of mutual recognition of goods and services. The development of the market is an ongoing process, especially in services.