EØS

The EØS, or European Economic Area, is an international treaty that extends the European Union's single market to non-EU countries. This allows for the free movement of goods, services, capital, and people across participating nations. The EØS comprises the 27 EU member states and three European Free Trade Association (EFTA) countries: Iceland, Liechtenstein, and Norway. Switzerland, an EFTA member, has opted out of the EØS but maintains a bilateral agreement with the EU.

The primary goal of the EØS is to create a level playing field for businesses and consumers within the participating countries. Companies operating within the EØS are subject to the same rules and regulations regarding product standards, competition, and consumer protection. This harmonization of laws simplifies trade and investment, fostering economic growth and integration. The EØS also promotes cooperation in areas such as research and development, education, and social policy.

The EØS agreement is based on four fundamental freedoms: the free movement of goods, services, capital, and persons. These freedoms are enshrined in the treaty and are essential for the functioning of the single market. For instance, goods that are legally sold in one EØS country can generally be sold in any other EØS country without further restrictions. Similarly, individuals can live, work, and study in any EØS member state, subject to certain conditions. The EØS institutions, including the EØS Council and the EØS Joint Committee, oversee the implementation and functioning of the agreement.