European Economic Area (EEA)

The European Economic Area (EEA) is an agreement that allows three European countries—Norway, Iceland, and Liechtenstein—to participate in the European Union’s single market. This means they can trade goods, services, and people freely across borders, similar to EU member states. However, they are not part of the EU’s political institutions or policies, such as the Common Agricultural Policy. The EEA facilitates economic integration and cooperation, providing benefits of open market access while allowing these countries to maintain sovereignty over certain policies. It’s a way to enhance economic ties without full EU membership.