European Economic Area (redirected from European economical 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.