The European Economic Area (EEA) is a framework that links the EU single market with Iceland, Liechtenstein and Norway, although these three countries are not EU members. They participate in the market’s four freedoms—the movement of goods, services, people and capital—and incorporate much of the relevant EU internal-market legislation into their national law. The EEA comprises all EU Member States and the three EFTA countries. Switzerland is not part of the arrangement; its relations with the EU are governed by separate bilateral agreements.
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.