The Europäischer Wirtschaftsraum (EWR), or European Economic Area (EEA) in English, is a unique partnership that extends the European Union’s (EU) single market to include some countries that are not EU members. Established through an agreement signed in 1992 and coming into effect in 1994, the EEA creates a unified market allowing for the free movement of goods, services, capital, and people.
What is “Europäischer Wirtschaftsraum”?
The EEA combines the member states of the EU and three of the four European Free Trade Association (EFTA) countries: Iceland, Liechtenstein, and Norway, excluding Switzerland. This arrangement enables these EFTA countries to participate in the EU’s internal market without being EU members. The EEA agreement ensures that these countries adopt EU legislation related to the single market, except laws concerning agriculture and fisheries. It aims to promote trade and economic relations among its members by removing trade barriers and harmonizing standards[1][2][3].
More information about “Europäischer Wirtschaftsraum”
While the EEA includes policies on the four freedoms, it does not cover EU policies related to the common agriculture and fisheries policies, customs union, common trade policy, common foreign and security policy, justice and home affairs, or the economic and monetary union. EEA countries are required to make financial contributions to the EU and adopt EU legislation concerning the single market, but they do not participate in the EU’s decision-making processes regarding these laws[3][16].
Related to “Europäischer Wirtschaftsraum”
Here are some additional terms that are related to the Europäischer Wirtschaftsraum:
- EFTA: A trade organization and free trade area that includes Iceland, Liechtenstein, Norway, and Switzerland, aiming to promote free trade and economic integration to the benefit of its members.
- Schengen Area: A zone where 26 European countries abolished their internal borders to allow for the free and unrestricted movement of people.
- Eurozone: Consists of EU countries that have adopted the euro as their official currency, facilitating economic transactions and policies among its members.
The EEA plays a crucial role in extending the EU’s internal market to countries within the EFTA that wish to participate, fostering greater economic cooperation and trade within Europe.