Definition of European Economic Community (EEC or EC)

economic entity, also known as the Common Market, originally formed in 1957 to work toward the regulation of European international trade. The EEC is made up of 15 member nations composed of over 300 million people, including Austria, Belgium, Britain, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, and Sweden. Its agreements call for the elimination of tariffs and other trade restrictions among members and the establishment of uniform tariffs for nonmembers. The EEC also encourages common standards for food additives, labeling, and packaging. The combined gross national product of the EEC is nearly equal to that of the United States. Direct marketers operating in the EEC countries must adhere to stricter privacy laws United States.