European Economic Area

The European Economic Area (EEA) was created by the Agreement on the European Economic Area (AEEA), an international agreement that allows the European Union's single market to be extended to member countries of the European Free Trade Association. The European Economic Area (EEA) connects the EU member states and three EFTA countries (Iceland, Liechtenstein, and Norway) into a single internal market regulated by the same fundamental laws. These regulations are intended to facilitate the free movement of people, commodities, services, and money throughout the European Single Market, as well as the right to choose where to live in any nation within this region. The European Economic Area (EEA) was formed on 1 January 1994 with the coming into effect of the EEA Agreement. The contractual parties are the European Union, its member states, as well as Iceland, Liechtenstein, and Norway.

The European Economic Area Pact (EEA Treaty) is a commercial treaty that varies from the EU Treaties in a number of significant ways. According to Article 1, its goal is to "promote a continuing and balanced strengthening of trade and economic relations." The European Free Trade Association (EFTA) members do not participate in the Common Agricultural Policy or the Common Fisheries Policy.