The European Union (EU)and European Free Trade Association (EFTA)created the European Economic Area (EEA).

Name: The European Union (EU)and European Free Trade Association (EFTA)created the European Economic Area (EEA).
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The statement is true. The European Union (EU) and European Free Trade Association (EFTA) created the European Economic Area (EEA) in order to extend EU's internal market to certain non-EU member countries. The countries that are part of the EEA are Norway, Iceland, and Liechtenstein.