European Economic Area, or EEA, is an area comprising the countries of the European Union and the three countries of the European Free Trade Association (EFTA): Norway, Iceland and Liechtenstein.
The purpose of the EEA is to enable EFTA countries to have access to the internal market of the European Union, while maintaining their independence from the political structures of the EU. The European Economic Area was established on the basis of the 1994 Agreement, which guarantees the free movement of people, goods, services and capital between the EEA countries. In practice, this means that companies and citizens of EEA countries can do business, work and travel within the area on similar terms to those of EU countries.
