The EEC, also known as the Common Market, was an economic union established in 1957 by six Western European countries to promote free trade among its members.
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Common Market: A group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.
European Union (EU): An international organization comprised of Western European countries to promote free trade among members. It evolved from the EEC.
Tariffs: Taxes imposed on imported goods and services, often used to protect domestic industries from foreign competition.
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