What does Liechtenstein’s customs treaty with Switzerland mean?

The Switzerland-Liechtenstein customs treaty was signed on 29 March 1923 and entered into force on 1 January 1924. With this, Liechtenstein and Switzerland became a single unified customs and economic territory.  In 1924, Liechtenstein introduced the Swiss franc as its official currency. This joint economic territory remained in place even after Liechtenstein joined the European Economic Area (EEA) in 1995. To this day, the treaty still forms the core of the extremely close-knit and good relationship between the two countries and has played a considerable role in contributing to Liechtenstein’s positive economic development in recent years.