Economy of Liechtenstein
The economy of Liechtenstein is based roughly equally on services (especially financial services) and industry, with a small but significant agricultural sector. The country participates in a customs union with Switzerland and uses the Swiss franc as its national currency. It imports more than 85% of its energy requirements. Liechtenstein has been a member of the European Free Trade Association (EFTA) since 1991 (previously its interests had been represented by Switzerland). It also has been a member of the European Economic Area (EEA) since May 1995 and participates in the Schengen Agreement for passport-free intra-European travel.
Liechtenstein–Switzerland relations
At the request of Liechtenstein's government in 1919, Switzerland safeguards Liechtenstein's interests and citizens abroad. The two form a common economic and monetary area (Liechtenstein has used the Swiss franc (since 1920) and has had a customs union (since 1924) with Switzerland with open borders (though both are now also party to the Schengen Agreement). The countries also have a common patent system. Switzerland is empowered to enter into treaties on Liechtenstein's behalf if Liechtenstein is not represented at the treaty negotiations; this power has most often been exercised with treaties involving customs duties or procedures.