European Economic Area

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European Economic Area:

see European Free Trade AssociationEuropean Free Trade Association
(EFTA), customs union and trading bloc; its current members are Iceland, Liechtenstein, Norway, and Switzerland. EFTA was established in 1960 by Austria, Denmark, Great Britain, Norway, Portugal, Sweden, and Switzerland.
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; European UnionEuropean Union
(EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EC), an economic and political confederation of European nations, and other organizations (with the same member nations)
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References in periodicals archive ?
They, therefore, gave higher priority to the process that led to the EEA Treaty than did the Community.
According to the EEA treaty, the discrimination of foreign ownership and acquisitions would have to cease after a transition period which, in the Finnish case, runs until 1996.
The system set up by the EEA Treaty represents one of the closest ties between the European Union and any state outside its periphery.