European Economic Area
European Economic Area: EEA. Established on 1 January 1994. It comprises the 15 members of the European Community (EC) and three of the four members of EFTA (Iceland, Liechtenstein and Norway) in a single market. Switzerland decided in December 1992 not to join the EEA. For the EFTA countries, membership of the EEA represents an intermediate step between a separate EFTA and its full EC membership. However, applying to join the EEC would be a separate step. The agreement establishing the EEA covers the four freedoms (free movement of goods, persons, services and capital), but agriculture and fisheries are covered in a rather limited way. Members of the EEA must adopt the acquis communitaire dealing with competition. EFTA states are also bound by the European Community rules on social policy, consumer protection, environment, company law and statistics.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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