European Economic Area (EEA)

The European Economic Area (EEA) was formed in January 1994 to expand the financial market of the European Union (EU). It includes EU member states and three out of the four countries in the European Free Trade Association (EFTA): Norway, Iceland, and Liechtenstein, while Switzerland is the only nation not part of the EEA. The primary goal of the EEA is to establish a comprehensive framework for implementing laws across the participating countries, with a particular emphasis on facilitating the movement of goods, services, capital, and citizens—commonly known as the “four freedoms.”