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name of the term: European Economic Area
descriptions of the term:

European Economic Area

The European Economic Area (EEA) refers to the expansion of the European Single Market agreed on by the EU, Iceland, Liechtenstein, and Norway with the goal of creating a common economic area in Europe. This agreement included provisions concerning the free movement of persons, goods, and capital, as well as cooperation in matters of motor transport, agriculture, fishery, trade, and energy. The EEA Agreement took effect on January 1, 1994. Switzerland does not participate in the EEA, as the Swiss people voted against accession to the EEA in a referendum in 1992.

Source: Bundeszentrale für politische Bildung, edited (only available in German)

Synonyms: EWR