The main features of the EEA Lite Agreement, which include modifications to the EEA Regular Agreement, include:
The UK will leave the European Union as a member and rejoin the European Free Trade Area (EFTA), which the UK co-founded in 1960 to counterbalance the formation of a more protectionist European Community.
The UK and EU will enjoy the benefits of trade and economic co-operation. The EEA Lite Agreement will remain true to the main features of the EEA Regular Agreement. The first 10 points (out of 46) are:
1. Secure the main Objectives of the EEA Agreement: the 4 Freedoms: Freedom of Goods, Freedom of Services, Freedom of Capital and Freedom of Peoples - but with caveats that make Freedom of Persons essentially a Freedom of Workers, for workers and students, and introduce a new visa system for EU citizens, where required, and restrictions on welfare benefits limiting them to a contributory basis only.
2. Ensure competition is not distorted and the rules are equally respected.
3. Deliver close co-operation in other areas such as research and development, education and the environment.
4. Work to World Trade Organisation guidelines such as the World Customs Organisation’s Harmonized Commodity Description and Coding System and Rules of Origin (i.e. establishing where goods were made where multinational input).
5. Be subject to a 2 year review period.
6. Be a customs free area.
7. Have no quantitative restrictions on imports or exports (i.e. no quotas).
8. Allow prohibitions or restrictions based on grounds of public morality, public policy or public security, on health grounds, national treasures or protecting industrial or commercial property, but without arbitrary discrimination or disguised restrictions.
9. Not allow internal taxation as means of protectionism.
10. Not allow discrimination by State monopolies, or any unfair State trade practices.
from "Time to Jump" by David Campbell Bannerman MEP