Brussels, 26/07/2007 (Agence Europe) - The act of accession of Bulgaria and Romania (both of which have been members of the European Union since 12 January 2007) to the European Economic Area (EEA) was signed in Brussels on Wednesday 25 July. The European Economic Area now has 30 member states - the 27 EU member states and the three EFTA countries, Norway, Iceland and Liechtenstein, which were already members of the EEA -forming an internal market of almost 500 million consumers. While awaiting the conclusion of the ratification procedure in all the countries affected, it was agreed to apply the agreement with immediate effect, on a provisional basis.
The negotiations on the extension of the EEA were only concluded on 29 March. They focused notably on the financial contributions which Norway, Liechtenstein and Iceland will make to regional development in Bulgaria and Romania, and also on fisheries concessions to Norway and Iceland. It was agreed that by 30 April 2009, the three EFTA countries of the EEA would provide €21.5 million for Bulgaria and €50.5 for Romania through the EEA Financial Mechanism. Norway will provide a further €20 million for Bulgaria and €48 million for Romania. In return, the Community will grant Norway and Iceland a number of concessions in the field of fisheries. (hb)