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European Economic Area (EEA)

The European Economic Area (EEA) was established on January 1, 1994. It brings together the member states of the EU and the three EEA/EFTA states (Iceland, Liechtenstein, and Norway) into an internal market governed by the same fundamental rules on the free movement of goods, services, capital, and persons. Switzerland is not a part of it.

The EEA goes beyond traditional free trade agreements (FTAs) and establishes binding provisions in all areas of the internal market or other policies under EU Treaties.

Specifically, the binding provisions do not cover:
• Common Agricultural Policy and Common Fisheries Policy
• Customs Union
• Common Commercial Policy
• Common Foreign and Security Policy
• Area of Justice and Home Affairs
• Economic and Monetary Union (EMU).

Within the framework of the European Economic Area (EEA), there is a Financial Mechanism aimed at reducing economic and social disparities in Europe and strengthening bilateral relations between beneficiary countries and donor countries. Norway contributes 95.8% of the total economic assistance.

For the period 2014-2021, the Financial Mechanism allocates €117 million to our country for the implementation of actions and programs, with a target completion date of 2024. These actions cover areas such as entrepreneurship and innovation, social inclusion, local development, water resource management, renewable energy sources, civil society, good governance and transparency, asylum, and migration. Indicative actions that could be supported include the development of technologies in renewable energy sources, floating wind turbines, and sustainable shipbuilding (green shipping).

The National Contact Point (NCP) is the Special Service for Planning, Coordination, and Monitoring of the Implementation of the Financial Mechanisms of the European Economic Area (EEA) of the General Secretariat for Public Investments and EU Funds of the Ministry of Development, which carries the overall responsibility for achieving the goals of the Financial Mechanism.