European Economic Community (EEC)

Definition

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.

Related terms

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.