The idea is to have a less commitments, but less benefits kind of relationship with the EU. That would be very usefull for other countries like the non EU Balkan countries, Ukraine and maybe Georgia or so. Basicly they have to take a lot of the EUs standards and get a good trade deal, without being a proper member of the common market like Norway and Switzerland or having to properly join the EU. For that they get a voice on the negotiating table of EU laws, but no vote.

In other words a relationship a bit bigger then a pure trade agreement, but significantly below being a proper member. Imho a good idea.