An economic community (e.g. the European Union – EU) is a group of countries that work together to achieve common goals in regulating international trade. These communities eliminate trade barriers (tariffs and quotas) between member countries and often have a common foreign trade policy.
The creation of an economic community aims to facilitate trade, promote economic growth and improve the competitiveness of the region. For companies, these communities provide large, single markets but require compliance with common regulations and product standards.
