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European Economic Area

Translation
European Economic Area
(EEA) the territory covered by a series of agreements signed in 1992 between the European Communities and their member states and the European Free Trade Association (EFTA) countries, designed to create the world's largest and most important integrated economic structure and to be a step towards the construction of a Europe based on peace, democracy and human rights. The EFTA organisation was always in trouble when the UK, Denmark and the Republic of Ireland left to join the European Economic Community. Austria, Finland, Iceland, Liechtenstein, Norway and Sweden have joined this organisation, which is a mirror of the European Communities. The aim is to implement the Four Freedoms on the basis of Community achievement to date – the acquis communautaire. The EFTA countries have to help pay for the poorer European Union members, providing soft loans for Portugal, 'the Island of Ireland', Greece and parts of Spain. The EEA will have a Council, a Joint Committee, a Parliamentary Committee and a Consultative Committee. Matters progressed swiftly, and Austria, Finland and Sweden joined the European Union in 1995.

Collins dictionary of law. . 2001.


European Economic Area
European Economic Area (EEA)
The trading area established by the EEA Agreement of 1 January 1994, currently comprising the member states of the European Union and, in addition, Norway, Iceland and Liechtenstein.
+ European Economic Area (EEA)
The European Economic Area (EEA) consists of the European Union and all the EFTA countries except Switzerland. The EEA Agreement, which entered into force on 1 January 1994, enables Iceland, Liechtenstein and Norway to enjoy the benefits of the EU's single market without the full privileges and responsibilities of EU membership.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

  
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