European Economic Area

The European Economic Area (EEA) was established on 1 January 1994 following an agreement between the member states of the (EFTA) and the later the (EU). Specifically, it allows and to participate in the without a conventional In exchange, they are obliged to adopt all EU legislation related to the single market, except those pieces of legislation that relate to agriculture and fisheries. Switzerland is instead linked to the EU by a series of On 1 January 1995, three erstwhile members of EFTA—and—acceded to the which superseded the European Community upon the entry into force of the on 1 November 1993. Liechtenstein's participation in the EEA was delayed until 1 May 1995.

At present, the contracting parties to the EEA Agreement are the EU and its 27 members plus and and could join the EEA immediately, due to fewer obstacles than full EU membership