Today, the Commission, on behalf of the EU, signed a package of agreements and protocols on the European Economic Area (EEA) Financial Mechanism 2021-2028 with the three EEA European Free Trade Association (EFTA) States (Iceland, Liechtenstein and Norway) and two protocols for annual duty-free tariff quotas for some Icelandic and Norwegian fish and fisheries products entering the EU market. This follows the agreement reached in November 2023 at negotiators' level and the endorsement by the Council on 25 June 2024.
For the period May 2021 to April 2028, the EEA Financial Mechanism will amount to more than €1.8 billion in grants awarded to projects 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 provides more than €1.4 billion to the 13 EU Member States that joined the Union from 2004 onwards.
Commission Executive Vice-President Maroš Šefčovič, who is notably responsible for relations with the EEA EFTA States, said: “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.”
The EEA Agreement is built on shared values and principles, and constitutes a factor of political and economic stability, as well as prosperity and security. The EEA Financial Mechanism 2021-2028 sets out the contribution of the EEA EFTA States to reduce the economic and social disparities in the EEA, in view of promoting a continuous and balanced strengthening of trade and economic relations, and as a complement to the EU's Cohesion Policy objectives. The thematic priorities are the European green transition; democracy, rule of law and human rights; social inclusion and resilience.
All sides will now proceed towards conclusion of the agreement in accordance with their respective procedures. Before its full application, the European Parliament will have to endorse the package.
