Definitions for "European Economic Area"
The group of countries comprised of the EU together with EFTA. The two groups have agreed to deepen their economic integration.
Economic grouping incorporating all European Union states plus Iceland, Liechtenstein and Norway. The Investment Services Directive passport applies to the EEA.
An economic area encompassing all the members of the European Union (EU-- q.v.) and the European Free Trade Association (EFTA-- q.v.), with the exception of Switzerland. Established in 1993, the EEA went into effect on January 1, 1994. The EEA is a single market for the free movement of labor, services, capital (with some restrictions on investments), and most products. EFTA members have agreed to accept EU regulations in many areas, including company law, education, environmental protection, mergers, and social policy.