European Economic Area
Sign in to savearea of the European Union's internal market and some of EFTA states established in 1994
AI overview
The European Economic Area is a trade agreement established in 1994 that allows certain European Free Trade Association countries to participate in the European Union's internal market, giving their citizens and businesses access to the same trading benefits as EU members. This arrangement matters because it lets these non-EU countries enjoy many of the economic advantages of EU membership, such as the ability to move goods, services, and people freely across borders, without having to join the EU itself.
AI-generated from the Wikipedia summary — may contain errors.
Article
The European Economic Area (EEA) is an international agreement that extends the common market of the European Union to three non-EU states: Norway, Iceland, and Liechtenstein. The EEA was established on 1 January 1994 upon entry into force of the Agreement on the European Economic Area. Governed by European law, the area aims to enable free movement of persons, goods, services, and capital within the European common market, including the freedom to choose residence in any country within this area.
New members of the European Free Trade Association (EFTA) would not automatically become party to the EEA Agreement, as each EFTA state decides on its own whether it applies to be party to the EEA Agreement or not. According to Article 128 of the EEA Agreement, "any European State becoming a member of the Community shall, and the Swiss Confederation or any European State becoming a member of EFTA may, apply to become a party to this Agreement. It shall address its application to the EEA Council." The EFTA does not envisage political integration. It does not issue legislation, nor does it establish a customs union. Schengen is not a part of the EEA Agreement. However, all of the four EFTA states participate in Schengen and Dublin through bilateral agreements. They all apply the provisions of the relevant acquis.
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1993 in Belgium1993 in the European Union1994 establishments in EuropeEuropean Economic AreaForeign relations of IcelandForeign relations of LiechtensteinForeign relations of NorwayForeign relations of SwitzerlandForeign relations of the European UnionIceland–European Union relationsIntergovernmental organizations established by treatyInternational organizations based in Europe