However, some observers say that this is a non-existent problem, as it does not prevent the Union from concluding agreements and imposing its position on the international stage. A multilateral treaty establishes rights and obligations between each party and any other party. Multilateral treaties are often, but not always, open to all states; Some may be regional. Multilateral treaties are generally subject to formal ratification by the governments of any state that is a signatory. Keep in mind that in U.S. constitutional law, the term “treaty” has a special meaning, more limited than its meaning in international law. U.S. law distinguishes what it calls “treaties” from “executive agreements of Congress” and “single executive agreements.”  The distinctions relate to their method of ratification: by two-thirds of the Senate, by a normal legislative procedure or by the President alone. All three categories are considered international treaties; they differ only from the point of view of U.S. domestic law. The European Free Trade Association (EFTA) is an international organisation promoting free trade and economic integration.
The association manages (1) the EFTA Free Trade Area, (2) EFTA`s participation in the European Economic Area (EEA) and (3) the EFTA Free Trade Agreement Network. Its four members are Iceland, Liechtenstein, Norway and Switzerland. Under international law, a treaty is a legally binding agreement between states (countries). A treaty can be called a convention, protocol, pact, agreement, etc. It is the content of the agreement, not its name, that makes it a treaty. Thus, the Geneva Protocol and the Biological Weapons Convention are the two treaties, although neither treaty in its name. Under U.S. law, a treaty is a legally binding agreement between countries that requires ratification and “consultation and approval” of the Senate.
All other agreements (internationally treated) are called executive agreements, but are nevertheless legally binding on the United States under international law. This agreement was signed in 2000 and replaced the Lomé Convention. Its main objective is to create a new framework for cooperation between the members of the Group of African, Caribbean and Pacific States (ACP) and the EU. One of the most important dimensions of the new agreement is trade. The new framework makes substantial changes to the existing system to bring it into line with WTO rules and to allow ACP countries to participate fully in international trade. The agreement provides for the negotiation of new trade agreements [see EPA] in order to liberalise trade between the two parties and thus put an end to the system of non-reciprocal trade preferences currently enjoyed by ACP countries. Nevertheless, the current system remains in place for a period of preparation up to 2008 (the date scheduled for the new regime to come into force), with a transitional period of at least 12 years.