| Author (Corporate) | European Parliament |
|---|---|
| Series Title | Legislative Observatory |
| Publication Date | 18/05/2017 |
| Content Type | News |
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Further information: The EEA Agreement allows Norway, Iceland and Liechtenstein to participate in the single market, with the exception of agriculture and fisheries. Since the entry into force of the Agreement in 1994, the three countries also contribute to the alleviation of economic and social disparities in the EEA. In addition, Norway contributes through a separate Norwegian financial mechanism. The previous financial mechanisms expired on 30 April 2014. In October 2013, the Council of the European Union allowed the European Commission to launch negotiations, which officially started in January 2014. In parallel, but independently of the negotiations on the financial mechanism, a review of the EU-Iceland and EU-Norway fish trade protocols was opened on the basis of the revision clause of the additional protocols to the Free Trade Agreements with Norway and Iceland. The European Parliament's plenary session approved on 18 May 2017 the proposal relating to the Financial Mechanism for the period 2014-2021 in the framework of the European Economic Area (EEA). This EEA financial mechanism agreement between the European Union (EU) and the remaining three member states of the EEA provides €2.8 billion for the period considered. The proposal was put forward by the European Commission in February 2016 and it was signed on 3 May 2016. |
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| Source Link | Link to Main Source http://www.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2016/0052(NLE) |
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| Subject Categories | Politics and International Relations |
| Countries / Regions | Europe, Iceland, Liechtenstein, Norway |
