The EEA Agreement links Norway, Iceland and Liechtenstein to the EU’s internal market and guarantees foreign investors
The EEA Agreement declares that the Four Freedoms that underpin the EU – the free movement of goods, persons, services and capital – also apply in these countries, even though they are not members of the EU. It also means that Norway is obligated to implement EU rules and directives relating to competition, investments, labour, procurement and sale of services, banking and insurance, and trade in goods. The agreement also allows the EEA countries to participate in many of the EU’s comprehensive research, innovation and education programmes.
DLA Piper Norway put together a White Paper on Foreign Direct Investments in Norway, which highlights how Norway is legally aligned with EU standards on investments and market access.
“The agreement gives Norway a high level of predictability, ensures the same framework conditions for all EEA countries, and places few restrictions on foreign investment and trade,” explains Kjetil Haare Johansen of DLA Piper.
In practical terms, the EEA Agreement means that the border between Norway and the EU is virtually irrelevant when it comes to most types of economic activity.