BRUSSELS, June 25, 2024 — The EU Council has greenlighted the agreements on the European Economic Area (EEA) and Norwegian Financial Mechanisms for 2021-2028, alongside new bilateral fish trade protocols with Iceland and Norway.
The agreements mark a continuation of efforts by the EEA EFTA states — Iceland, Liechtenstein, and Norway — to reduce economic and social disparities within the European Economic Area. Under these mechanisms, the EEA EFTA states will contribute €3.268 billion from May 2021 to April 2028, targeting key areas such as the European green transition, democracy and human rights, and social inclusion and resilience.
“This financial commitment is crucial for promoting cohesion and addressing disparities across the EEA,” said an EU spokesperson. “The funding will support numerous initiatives aimed at creating a more inclusive and sustainable Europe.”
The Council’s decision also includes two additional protocols to the EU’s bilateral agreements with Norway and Iceland. These protocols will enhance market access for fish and fishery products originating from these countries and renew the fish transit arrangement for EU vessels in Norway.
Norwegian Minister of Fisheries, Odd Emil Ingebrigtsen, commented on the agreement: “This protocol renewal ensures that our longstanding cooperation in the fisheries sector continues to thrive, benefiting both Norway and the EU.”
The agreements and protocols, negotiated parallelly since June 2022, reached consensus at the negotiators’ level on November 30, 2023. They will be provisionally applied following the necessary notifications, pending full ratification by the European Parliament and the respective national procedures.
The EEA Agreement, effective since 1994, allows Iceland, Liechtenstein, and Norway to participate fully in the EU’s single market while contributing to economic and social development within the EEA. These contributions have been pivotal in alleviating disparities, with the latest financial mechanisms set to build on this legacy.
As part of this initiative, specific allocations will be directed towards several EU member states, including Bulgaria, Croatia, Greece, and Poland, based on a distribution key aligned with the Cohesion Fund.
The European Commission, along with the EEA EFTA states, is now preparing to sign the agreements and protocols. The Council will adopt a final decision on their conclusion after securing the consent of the European Parliament, solidifying these mechanisms as a cornerstone of EU-EEA cooperation.
The EU Council’s decision to adopt the EEA and Norwegian Financial Mechanisms for 2021-2028 and the new bilateral fish trade protocols with Iceland and Norway represents a significant step in enhancing economic and social cohesion within the European Economic Area. The provisional application of these agreements underscores the EU’s commitment to sustainability, democracy, and social inclusion across the region.
