Brexit / Key Terms / What is the Single Market? Here is the Simple Politics guide to the Single Market - and a couple of pros and cons. This is an advanced type of free-trade area. It seeks to remove other types of barriers to ensure that trade is as frictionless as possible. This can be done, for example, by agreeing on a set of standards for a product In the EU single market, member states must pay towards the EU buget and adhere to the four freedoms: the free movement of goods, capital, services and people. All EU 28 member states are in the single market plus 4 other countries: Iceland, Liechtenstein, Norway, and Switzerland. The UK government wants to leave the single market and create a new free-trade agreement that allows access to some areas of the single market which would benefit certain industries such as for manufacturing or financial services.