The EU Council has agreed two ‘additional protocols’ which will liberalise access for some fish and fishery products from Iceland and Norway. Photo: European Union
EU Council Approves EEA and Norwegian Financial Mechanisms for 2021-2028
The EU Council has adopted a decision to sign and provisionally apply agreements on the European Economic Area (EEA) and Norwegian Financial Mechanisms for 2021-2028.
This decision also covers bilateral fish trade protocols with Iceland and Norway, which were negotiated in parallel.
Financial Mechanisms for 2021-2028
The EEA and Norwegian Financial Mechanisms aim to reduce economic and social disparities within the EEA. Iceland, Liechtenstein, and Norway will collectively contribute €3.268 billion to support economic and social cohesion from May 2021 to April 2028. The funds will be allocated to Bulgaria, Croatia, Cyprus, Csech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, and Slovenia, based on the Cohesion Fund distribution key.
The funding will target three main priorities:
- European green transition
- Democracy, rule of law, and human rights
- Social inclusion and resilience
Bilateral Fish Trade Protocols
The additional protocols with Norway and Iceland will liberalise access to the EU market for fish and fishery products originating from these countries during the same period. This builds on the previous protocols from 2014-2021. Norway will also renew the fish transit arrangement for EU vessels landing catches in Norway.
Next Steps
The Commission and the EEA EFTA states are set to sign the agreements and protocols. They will be applied provisionally upon signing until the ratification process is complete. The Council will seek the European Parliament’s consent before adopting a final decision on their conclusion.
Background
The EEA Agreement, effective since 1994, allows Iceland, Liechtenstein, and Norway to participate in the EU single market while contributing to economic and social cohesion within the EEA. The financial mechanisms from 2014-2021 expired, prompting the Council to authorise new negotiations on 20 May 2021. Formal talks began on 16 June 2022, and an agreement was reached on 30 November 2023.