What is another word for economic community?
Pronunciation: [ˌiːkənˈɒmɪk kəmjˈuːnɪtˌi] (IPA) 
Economic community, also known as a trade bloc, refers to the group of countries that engage in economic activities, such as trade and investment, with each other. There are several synonyms for economic community, including free trade area, customs union, common market, and economic union. A free trade area is created when member countries eliminate tariffs and other barriers to trade among themselves. A customs union involves not only the elimination of trade barriers but also the adoption of a common external tariff on goods imported from non-member countries. A common market takes the customs union a step further by allowing for the free movement of goods, capital, and labor across borders. Finally, an economic union involves complete economic integration, including the adoption of a common currency and shared economic policies.
