What Is the Eea Agreement
The European Economic Area (EEA) Agreement is a comprehensive trade agreement between the European Union (EU) and three of the member states of the European Free Trade Association (EFTA): Norway, Iceland, and Liechtenstein. The EEA Agreement provides these countries with access to the EU’s internal market, which is one of the largest and most prosperous in the world.
The EEA Agreement was signed in 1992 and entered into force in 1994. It is a living agreement, which means that it is constantly updated and amended to reflect changes in EU legislation. The agreement covers a wide range of areas, including the free movement of goods, services, people, and capital.
One of the key benefits of the EEA Agreement is the free movement of goods. This means that there are no tariffs or barriers to trade between the EU and the EEA countries. This is particularly important for industries such as agriculture, where the ability to trade easily with other countries is crucial.
The agreement also provides for the free movement of people. This means that EU citizens can live, work, and study in any of the EEA countries without needing a visa. Similarly, citizens of the EEA countries can live and work anywhere in the EU without a visa.
The EEA Agreement also includes provisions for the free movement of services. This means that companies based in any of the EEA countries can provide services in any other EEA country without needing to establish a local presence.
Finally, the agreement provides for the free movement of capital. This means that there are no restrictions on the movement of money between the EU and the EEA countries. This is particularly important for businesses and investors who need to move money quickly and easily between countries.
Overall, the EEA Agreement is a highly beneficial trade agreement for the EU and the EEA countries. It provides for the free movement of goods, services, people, and capital, which helps to promote economic growth and prosperity. As the agreement continues to evolve, we can expect to see even more benefits for all parties involved.