European Economic Area

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European Economic Area (EEA)

the territory covered by a series of agreements signed in 1992 between the EUROPEAN COMMUNITIES and their member states and the European Free Trade Association (EFTA) countries, designed to create the world's largest and most important integrated economic structure and to be a step towards the construction of a Europe based on peace, democracy and human rights. The EFTA organization was always in trouble when the UK, Denmark and the Republic of Ireland left to join the European Economic Community. EFTA is an intergovernmental organization promoting free trade and strengthening economic relations. EFTA's Member States are Iceland, Liechtenstein, Norway and Switzerland. Switzerland, while remaining inside EFTA is not in the EEA. The aim of the EEA is to implement the four freedoms on the basis of Community achievement to date - the ACQUIS COMMUNAUTAIRE. The EFTA countries have to help pay for the poorer European Union members. The EEA has a Council, and a Joint Committee. Various sub-committees operate and updating the agreement is now very regular as ever more EU law is adopted throughout the EEA.
References in periodicals archive ?
However, precisely because the EEA agreement is a dynamic arrangement and there has been considerable integration within the EU since 1994, some of these areas have been greatly affected by the rules of the single market.
It is a forum in which views are exchanged and decisions are taken by consensus to incorporate EU legislation into the EEA Agreement. The EEA JC comprised the ambassadors of the EEA EFTA States and representatives of the European Commission represented by the European External Action Service (EEAS).
Brexit Secretary Mr Davis told MPs that when the UK leaves the EU "the EEA agreement will no longer operate in respect of the United Kingdom".
(12) One of the solely EFTA institutions is the EFTA Court, which interprets the EEA Agreement with regard to the EEA-EFTA States and ensures that it harmonizes its interpretations with those of the Court of Justice: this forms one of the focuses of the present work.
The EEA Agreement completely reshaped relations between the EFTA States and the emerging European Union.
ESA said that it agreed that the Norwegian government's aims were laudable but that in its view the government had not shown that its gaming policy is systematic and consistent enough to justify restrictions of the basic freedoms provided for by the EEA Agreement.
The procedure is consistent with the obligation on the EEA Joint Committee to integrate all Community legislation relevant to the EEA Agreement as soon as possible after its adoption, in order to ensure the necessary security and legal homogeneity.
The European Commission has tabled a proposal for a Decision before the European Union/European Economic Area (EEA) Joint Committee with a view to amending Annexes II (technical regulations, standards, trials and certification) and XX (Environment) of the EEA Agreement, in order to integrate the recently-adopted acquis communautaire on fuel quality.
When the European capital requirements framework becomes part of the EEA Agreement later this year, many Norwegian banks actual requirements will be reduced.
When the EEA Agreement was signed on 2 May 1992 in Porto, Portugal, it constituted one of the major political events of the year in Europe.
Heidar, Iceland's chief negotiator on mackerel fishing, confirmed the EU's notification of the measure at the meeting of the EEA (European Economic Area) Joint Committee, on 14 January (see Europolitics 4120), while noting that the measure must nevertheless "be implemented in full conformity with the EEA agreement".
Bill Jamieson, the executive editor of The Scotsman, has accepted that 'the problem with the EEA agreement is that it obliges countries to accept laws and regulations it does not like'.