26 jul Parties to the Agreement on the European Economic Area
Parties to the Agreement on the European Economic Area (EEA)
The Agreement on the European Economic Area (EEA) is a treaty that was established between the European Union (EU), Norway, Iceland, and Liechtenstein. The EEA Agreement was signed in 1992 and entered into force in 1994, extending the single market of the EU to these three countries. The EEA Agreement covers a range of issues including the free movement of goods, persons, services, and capital.
The EU is the largest trading bloc in the world, and the EEA Agreement has created a massive market of over 500 million people. The parties to the agreement have benefited greatly from the single market, experiencing increased trade, investment, and economic growth. The EEA Agreement is a comprehensive agreement that covers a range of sectors including agriculture, fisheries, transport, energy, environment, and research.
Norway is the largest member of the EEA and is the only country in the world that is not a member of the EU but has full access to the single market. Norway pays a fee for access to the single market, but it has no say in EU decision-making. Iceland and Liechtenstein also pay fees for access to the single market, but they have fewer obligations than Norway.
The EEA Agreement is essential for the parties to the agreement as it facilitates trade and economic cooperation. The agreement ensures that there are no barriers to the movement of goods, services, capital, and people between the parties. This means that companies based in any of the EEA countries can sell their products and services freely across the whole EEA area.
There are some exceptions to the EEA Agreement, including the Common Agricultural Policy (CAP) and the Common Fisheries Policy (CFP). These policies are exclusive to the EU and do not apply to the EEA countries. However, the parties have also developed separate agreements that allow them to cooperate with the EU on matters related to agriculture and fisheries.
In summary, the EEA Agreement has been instrumental in promoting economic cooperation and growth among the parties to the agreement. It has created a single market that facilitates the movement of goods, services, capital, and people. The parties to the agreement benefit from increased trade, investment, and job creation. The EEA Agreement is an essential feature of European cooperation and integration, and it will continue to shape the economic landscape of the EU and its neighbors in the years to come.