EU Project: The European Economic Area

The European Economic Area

The European Economic Area (EEA) is an agreement which was set up in January 1994 to create a fair internal market. The agreement unites 27 EU Member Countries with the European Free Trade Association (EFTA) states, namely Iceland, Liechtenstein and Norway. Under this contract, these EFTA countries have been enabled to participate in the EU’s internal market, which has led to a growing industrial sector within Europe. All members of the EEA and the EU are granted the same four freedoms: free movement of goods, persons, services and capital. Consumer protection, company law and social policy are also covered as well as cooperation on several issues such as research and technological development, education, tourism, etc. The EEA agreement guarantees equal rights and obligations within the single market for citizens and economic operators. However, its regulations do not affect the primary sector, such as agriculture and fishing because the focus of the European Economic Area mainly lies on the industrial sector. In conclusion, the EEA has become one of today’s leading economic powers in the world, especially due to its excellent cooperation within the member countries. 

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