Editing Economy of Norway (section)

====Reservations about European Union====
[[File:Exports and imports as pc of GDP 1865 2003.PNG|thumb|Exports and imports in Norway]]
In September 1972, the [[Stortinget|Norwegian parliament]] put to a referendum the question whether Norway should join the [[European Economic Community]].  The proposal was turned down with a slim margin.  The Norwegian government proceeded to negotiate a trade agreement with the EU that would give Norwegian companies access to European markets.  Over time, Norway renegotiated and refined this agreement, ultimately joining the [[European Free Trade Association]] and the [[European Economic Area]].

Although Norway's trade policies have long aimed at harmonizing its industrial and trade policy with the EU's, a new referendum in 1994 gave the same result as in 1972, and Norway remains one of only two [[Nordic countries]] outside the EU, the other being [[Iceland]].

Although much of the highly divisive public debate about EU membership turned on political rather than economic issues, it formed economic policy in several important ways:
* Both politicians and the public came to terms with the fact that Norway's economic development was dependent on taking advantage of its [[comparative advantage]] by specializing in certain areas for export and relying on import for everything else.  This has had a significant effect on Norway's agricultural policy, which has been reshaped to address population patterns rather than self-sufficiency.
* The proceeds from oil revenue could not fuel private or public consumption if Norway were to sustain its prosperity when [[oil reserves]] run out.
* In order to participate in European markets, Norway has had to open its domestic markets to European imports.  Although some pricing and distribution issues (e.g., alcohol and automobiles) remain unresolved, Norway's consumer, capital, and employment markets are increasingly approaching those of Europe in general.{{citation needed|date=August 2014}}{{clarify|post-text=Prices are very high in Norway!|date=August 2014}}

Norwegians have sought accommodations on a range of specific issues, such as products from fish farms, agricultural products, emission standards, etc., but these do not appear to differ substantially from those sought by bona fide EU members.  It is expected that the issue of membership will be brought to a referendum again at some point.