Slovakia has joined the agreement on the European Economic Area. The agreement was initialed in Brussels by ten future EU members, the European Commission and members of the European Free Trade Association (Norway, Iceland, and Liechtenstein). Head of the Slovak Foreign Affairs Ministry’s department for coordination of European affairs Juraj Nociar said that Slovakia now can benefit from the European common market, free movement of goods and people. Thanks to the agreement, Slovakia will be able to draw financial assistance after entering the EU in May 2004.

Until 2009, new EU members will get EUR 600 million along with three member countries, Spain, Greece and Portugal, which have problems with their infrastructure. Of the sum, Slovakia will get 5.39 percent which is EUR 6.5 million annually. The assistance is to balance differences in living standards across Europe.

According to Nociar, Slovakia will be receiving bilateral assistance also from Norway, which will provide EUR 567 million for the ten new EU members between 2004-2009. However, Slovakia still have to co-finance the projects it is applying for. The Slovak share will have be between 20-40 percent.