Economic Community

Posted in Finance, Accounting and Economics Terms, Total Reads: 1844
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Definition: Economic Community

An economic community can be understood as any economic and/or political alliance which is specifically designed to foster trade and cooperation among its member countries. Usually its members are countries and thus the community is international in nature. It’s underlying purpose is to reduce trade barriers and increase cooperation among its members.

E.g. The European Economic Community, which was formed after World War II comprised of six original members—Belgium, France, Germany, Italy, Luxembourg and the Netherlands.

 

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