European Economic Community (EEC): It is a group of Western European countries which have joined altogether to promote trade and economic and political cooperation. Fundamentally, the EEC symbolizes an attempt to join a group of countries into a single economic unit. Also termed as Common Market.
It is an economic organization established in the year1957 to decrease tariff barriers and encourage trade among the countries of Luxembourg, Belgium, Italy, Netherlands, France, and West Germany. Such countries became the novel members of the European Community in the year1965.