Economic community refers to a group of nations organized to work toward common goals in the regulation of international trade. One such community is the European Union (ELI). Formed in 1957, the EU set out to create a single European market by reducing barriers to the free flow of products, services, finances, and labor among member countries and developing policies on trade with non member nations.
Economic community is an organization that facilitates the movement of products among member nations through the creation of common economic policies.