European Economic Area

Quick Facts: Who was European Economic Area?

Subject:

European Economic Area

Known for:

International agreement extending the EU common market to non-EU EFTA states.

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2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

The European Economic Area (EEA) is an international agreement that extends the common market of the European Union to three non-EU states: Norway, Iceland, and Liechtenstein. The EEA was established on 1 January 1994 upon entry into force of the Agreement on the European Economic Area. Governed by European law, the area aims to enable free movement of persons, goods, services, and capital within the European common market, including the freedom to choose residence in any country within this area.

Career & Major Achievements

New members of the European Free Trade Association (EFTA) would not automatically become party to the EEA Agreement, as each EFTA state decides on its own whether it applies to be party to the EEA Agreement or not. According to Article 128 of the EEA Agreement, "any European State becoming a member of the Community shall, and the Swiss Confederation or any European State becoming a member of EFTA may, apply to become a party to this Agreement.

Enduring Legacy & Impact

It shall address its application to the EEA Council." The EFTA does not envisage political integration. It does not issue legislation, nor does it establish a customs union.

Chronological Milestones & Life Events

1. 1994: 1994 Milestone — The EEA was established on 1 January 1994 upon entry into force of the Agreement on the European Economic Area.

Historical Fact-Check Quiz: European Economic Area

True or False: “The European Economic Area (EEA) guarantees the free movement of capital and services, even for non-EU member states, provided they adhere to EEA law.”

Answer (TRUE ⭕): The EEA is specifically designed to extend the core principles of the EU common market, including the freedom of capital and services, to its non-member signatories.

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Frequently Asked Questions about European Economic Area