History of Europe
Economics
European Union

What were the effects of the European Economic Community?

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April 15, 2009 5:57AM

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.

One of the first important accomplishments of the EEC was the establishment (1962) of common price levels for agricultural products. In 1968, internal tariffs (tariffs on trade between member nations) were eliminated and a common external tariff was fixed.