Brussels (The Brussels Morning Newspaper) – The European Union and the EEA EFTA States have inscribed the agreement on the EEA Financial Mechanism 2021-2028 and market access protocols.
The European Commission, on behalf of the European Union, signed a package of contracts and protocols on the European Economic Area (EEA) Financial Mechanism 2021-2028 with the three EEA European Free Trade Association (EFTA) nations (Iceland, Liechtenstein, and Norway) and two protocols for annual duty-free tariff quotas for some Icelandic and Norwegian fish and fisheries products joining the EU market. This tracks the agreement reached in November 2023 at the negotiators’ level and the approval by the EU Council on 25 June 2024.
What are the key components of the EEA Financial Mechanism 2021-2028?
For the duration of May 2021 to April 2028, the EEA Financial Mechanism will amount to more than €1.8 billion in subsidies awarded to schemes for the 15 Beneficiary States (Bulgaria, Croatia, Cyprus, Czechia, Estonia, Greece, Hungary, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, Slovenia). In addition, the Norwegian Financial Mechanism delivers more than €1.4 billion to the 13 EU Member nations that joined the EU from 2004 onwards.
On the occasion, EU Commission Executive Vice-President Maroš Šefčovič, who is notably responsible for connections with the EEA EFTA States, stated: “This signature is another positive milestone, as we mark the 30th anniversary of the EEA Agreement this year. The EEA and Norwegian financial mechanisms reflect the benefits that the EEA EFTA States draw from their access to the EU single market. Now we need to ensure the implementation of programmes and projects in the Beneficiary States supported by the two financial mechanisms.”
How will the EEA agreement promote economic and social equality?
The EEA Agreement is constructed on shared values and principles and constitutes a factor of political and economic strength, as well as prosperity and security. The EEA Financial Mechanism 2021-2028 forms the contribution of the EEA EFTA States to facilitate the economic and social disparities in the EEA, because of enabling a continuous and balanced strengthening of trade and economic connections, and as a complement to the EU’s Cohesion Policy goals.Â
The thematic importance is the European green transition; democracy, rule of law and human rights; social inclusion, and resilience. In the next steps, all sides will now move towards the conclusion of the agreement in conformity with their respective procedures. Before its full application, the European Parliament will have to approve the package.
