Glossary: European Economic Community (EEC)
DEFINITION:
The ""Common Market"" of primarily West European countries, organized to promote coordinated development of economic activities, expansion, stability, and closer relations among member states. Methods included elimination of customs duties and import regulations among member states, a common tariff and commercial policy towards outside countries, and a common agricultural and transport policy. A significant further reduction of intraorganizational barriers was planned in 1992.