EU/Iceland/Liechtenstein/Norway Agreement: EEA financial mechanism 2021-2028; EU/Norway Agreement: Norwegian financial mechanism 2021-2028; additional Protocol to EEC/Norway Agreement; additional Protocol to EEC/Iceland Agreement

The European Parliament adopted by 528 votes to 121, with 32 abstentions, a legislative resolution on the draft Council decision on the conclusion, on behalf of the European Union, of (i) the Agreement between the European Union, Iceland, the Principality of Liechtenstein and the Kingdom of Norway on an EEA Financial Mechanism for the period May 2021 - April 2028, (ii) the Agreement between the Kingdom of Norway and the European Union on a Norwegian Financial Mechanism for the period May 2021 - April 2028, (iii) the Additional Protocol to the Agreement between the European Economic Community and the Kingdom of Norway and the Additional Protocol to the Agreement between the European Economic Community and Iceland

Parliament gave its consent to the conclusion of the agreements and protocols.

As a reminder, 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.

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

- an agreement between the European Union, Iceland, Liechtenstein and Norway on an EEA Financial Mechanism for the period from May 2021 to April 2028;

- an agreement between Norway and the European Union on a Norwegian financial mechanism for the period from May 2021 to 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 for the period from May 2021 to April 2028 and the Norwegian Financial Mechanism for the period from May 2021 to April 2028 will contribute to reducing economic and social disparities within the European Economic Area and to strengthening relations between the EEA EFTA States and the beneficiary States. The EEA Financial Mechanism Agreement and the Agreement with Norway will contribute financially to economic and social cohesion within the EEA to the tune of EUR 3.268 billion over the period from May 2021 to 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.