/yʊrəˈpiən ˌikəˈnɑmɪk ˈɪriə/ – Phrase
Definition: Khu vực Kinh tế Châu Âu.
A more thorough explanation: a free-trade zone established in 1994 between the member states of the European Union and Norway, Iceland and Liechtenstein
Example: As a member of the European Economic Area, Norway must comply with EU competition regulations.