Norway has been a part of the European Economic Area (EEA) since 1994, but they are not members of the European Union (EU). This means that they can trade with other EU countries and have some benefits, but they are not full members and cannot vote on things. Some people think that Norway will become a member of the EU in the future, while others think that they will stay a part of the EEA.
The European Union (EU) is a group of countries that have agreed to work together. The European Economic Area (EEA) is an agreement that allows some countries, like Norway, to be part of the EU without being members. This means business in Norway can still trade with businesses in other EU countries and have some benefits, but they’re not full members and can’t vote on things.
Cons of Norway not in the EU
The negative side of Norway not being part of the EU is that they have to follow all of the rules without having a say in what those rules are. This can make it difficult for them to trade with other EU countries, since they don’t have a say in how those trades are regulated.
Norway is also not part of the European customs union, which means that they have to follow different rules than other EU countries when trading with them. This can make it difficult for businesses in Norway to trade with other countries in the EU. In many cases, a Norwegian consumer buying products from abroad, needs to pay additional toll costs and levies in order to clear the products in Norway.
Pro’s of Norway not in the EU
Some positive sides of Norway not being part of the EU are that they have slightly more freedom to make their own decisions, and they don’t have to follow all of the rules that the EU sets. However, because the Norwegians are bound to the EEA agreement they need in practice they need to adopt nearly all of the rules of the EU in order to trade with other EU countries.
The EEA Agreement allows Norway to benefit from the EU Single market. However, Norway has excluded (read: protected) fisheries and agriculture from the agreement with the EU.