In fact the EEA is the agreement between Geneva-based European Free Trade Association (EFTA) and Brussels-based European Union. The EEA agreement came about to facilitate trade between the two competing organisations. Today, most of the members of EFTA have left to become members of the EU instead. The only countries to remain are Norway, Iceland, Switzerland and Lichtenstein. Switzerland opted out of EEA and Greenland left the EU in the early 80's but both have their own trade agreements with the EU.
PS. Technically, the EC still exists as one of the pillars the EU is based on. The name is still used in "The Court of Justice of the European Communities". This to mark that its powers are limited to the EC pillar. For example you can't take a criminal case there, nor a human rights case.
