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 ?
The EEA Treaty, therefore, was structured and negotiated by EC in such a way that it would not threaten the ongoing attempts to strengthen the Community as a decisionmaking entity.
According to the EEA treaty, the discrimination of foreign ownership and acquisitions would have to cease after a transition period which, in the Finnish case, runs until 1996.
The system set up by the EEA Treaty represents one of the closest ties between the European Union and any state outside its periphery.