European Economic Area (EEA)

Definition:

Comprises three member states of the European Free Trade Association (EFTA), (Iceland, Liechtenstein and Norway) and the 27 member states of the European Union (EU). It was established on January 1, 1994 following an agreement with the European Community (which became the European Union (EU)) and it allows its member states to participate in the EU’s Internal Market without being members of the EU.

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