The EU is the world's largest single market, of which Norway is a part of through the EEA Agreement. The EU is Norway's most important trading partner. Through the EEA, regulations determined at EU-level applies to companies in Norway.
The single market is the cornerstone of EU cooperation. It ensures European business' access to a large common market with equal competitive conditions and opportunities. In addition to the 27 member states of the EU, the three EEA/EFTA countries Norway, Iceland and Liechtenstein are fully integrated in the single market.
Due to the EU's internal market, European companies can do business throughout the EEA. Common rules have replaced various and complex national regulations, making it easier and cheaper for businesses to establish or trade across countries in the EEA. At the same time, the internal market has led to a more competitive European business and made countries more attractive for investments from abroad.
Norway is part of the EU's single market through the EEA Agreement. The agreement gives large parts of the Norwegian business sector almost equal access to the European market as its competitors. An important exception is the fishing and aquaculture industry, which faces tariff barriers for its products.
The EU is one of the world's largest export areas and Norwegian business depends on access to the single market. Due to a shortage of labour in Norwegian industry this single market is becoming increasingly important for Norwegian companies by enabling them to find relevant manpower.