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 ?
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".
Emphasising the fact that greater knowledge of the EEA Agreement throughout the EEA was in the interest of all Contracting Parties, the EEA Council urged the EU and the EEA EFTA States to ensure that information on the EEA Agreement was made readily and easily available.
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.
The EEA Agreement ensures participation by Iceland, Liechtenstein and Norway in a number of other EU programmes, including Horizon 2020 (research and innovation) and Erasmus + (education and training).
The EEA EFTA countries fully participate in the EUs internal market as foreseen by the EEA Agreement.
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.
Following a Decision from the Joint EU/EEA Committee modifying Protocol 31 to the EEA Agreement on co-operation in specific fields outside the EU's four freedoms (free movement of people, goods, services and capital), European Free Trade Association (EFTA) countries may now take part in the EU's Altener programme for promoting renewable sources of energy (1998-2002).
The EEA Agreement brings three of the Member States of the European Free Trade Association (EFTA)--Iceland, Liechtenstein and Norway (collectively EEA EFTA)--into the European Single Market, with those countries agreeing to adopt the regulatory framework of the European Union (EU).
The decision would be taken under Article 5 of Protocol IX to the EEA Agreement, which authorises a party to "refuse landings of fish taken from a fish stock of common interest over the management of which there is serious disagreement".