To form what is known as the European Economic Area (EEA), the EU and the European Free Trade Association have joined forces (EFTA).
When the European Economic Area Agreement was created in 1992, it allowed for expanding Europe’s single market toward non-EU members.
It was on this day in 1992 that the EEA pact was signed. On that day, twenty of the 30 current members of the board signed on. Agreements were struck between 1992 till 2014 by the remaining 10 nations. At the time of signing, countries had not yet been ratified.
Iceland, Liechtenstein, and Norway are EEA members and 27 other EU member states. Former EEA member Switzerland, neither a member of the EU nor EFTA, has withdrawn from participation in the EEA. Croatia has now filed to join the EEA temporarily, much as Switzerland had done in the past.
EEA membership is open to all EU member states and the European Free Trade Association, as stipulated in the EEA Agreement.
Two regulators and two courts oversee the EEA, namely the European Commission and the European Free Trade Association Surveillance Authority and the European Union and European Free Trade Association State Courts.
The European Economic Area (EEA) has a beneficial impact on the citizens of each member nation beyond commerce.
The EEA Agreement provides freedom of movement of goods, people, services, and money between the member states. This includes the freedom of movement of people inside and between member nations.
Also See: ECOWAS Countries 2022
Even if you move to another nation that is a member of the EU, you will still be considered a citizen of your original country. Countries in the European Economic Area (EEA) work together to ensure the stability of their governments and economies, which is essential for the free movement of people.