The European Economic Area (EEA) consists of the European Union (www.practicallaw.com/6-107-6562) and all the EFTA (www.practicallaw.com/4-107-6558) countries except Switzerland. The EEA Agreement, which entered into force on 1 January 1994, enables Iceland, Liechtenstein and Norway to enjoy the benefits of the EU's single market without the full privileges and responsibilities of EU membership.