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The European Economic Community
The European Economic Community, or the Common Market, or the EEC was established in 1957. The original six member countries of the Community were France, West Germany, Belgium, Italy, Luxembourg and the Netherlands. Then a few other countries joined the Community.
Britain, together with the Irish Republic and Denmark, joined the EEC on 1st January, 1973.
Now Community forms an enormous trading area of almost 250 million people, and accounted for two fifths of the world's trade.
The membership allows imports to enter member countries either free of duty or at lower customs duties.
All member countries contribute to a common budget for certain purposes, based on relative total output of goods and services, or gross national product. Under the Community regulations, people of member countries may freely enter another member state to travel or to work there. The Community has the following institutions: The European Parliament, The Council of Ministers, The Council of Ministers, The Court of Justice. The headquarters of the European Economic Community are located in Brussels, Belgium.