Changes from report parliamentary committee draft to plenary report

The European Economic Area (EEA) Agreement allows Iceland, Liechtenstein and Norway to participate fully in the single market. As provided for in the Agreement, and since its entry into force in 1994, these three countries have therefore financially contributed to the alleviation of economic and social disparities in the EEA. In addition, Norway has contributed through a separate financial mechanism.

As the most recent financial mechanisms expired in 2021, the Commission opened negotiations in 2022 with Iceland, Liechtenstein and Norway on an agreement on their future financial contributions. In parallel, a review of the Protocols to the Agreements between the European Economic Community (EEC) and Iceland and Norway related to imports into the European Union (EU) of certain fish and fishery products, was opened as provided for in the revision clauses of the Free Trade Agreements with these countries.

The negotiations were concluded at negotiators’ level, with the initiating in November 2023 of:

 an Agreement between the EU, Iceland, Liechtenstein and Norway on an EEA Financial Mechanism for the period May 2021 – April 2028;

 an Agreement between Norway and the EU on a Norwegian Financial Mechanism for the period May 2021 – April 2028;

 an Additional Protocol to the Agreement between the EEC and Norway; and

 an Additional Protocol to the Agreement between the EEC and Iceland.

The EEA Financial Mechanism Agreement and the Norway Agreement will together provide a financial contribution to economic and social cohesion in the EEA of EUR 3.268 billion for the period May 2021 – April 2028. The Protocols with Iceland and Norway will provide for new concessions for the period May 2021 - April 2028. Flexibility will be provided concerning the carry-over of unexhausted quotas at the end of the period. Norway will also renew the fish transit arrangement for EU vessels landing catches in its territory.

The rapporteur raises its concerns regarding the limits and imbalances of the fisheries-related Protocol between the EEC and Norway, but nonetheless gives the consent of the conclusion of the four arrangements as one package.

The rapporteur calls on the Commission to take the concerns raised seriously and address the imbalances in the EU fishing sector adequately and swiftly.

On 25 June 2024, the Council adopted the Decision on the signing, on behalf of the EU, and on the provisional application of the Agreements and Protocols.