The term "Common Economic Space" refers to a collaborative economic area where multiple countries or regions work together to enhance trade, investment, and economic growth. This concept often involves the removal of trade barriers, harmonization of regulations, and the establishment of common policies to facilitate smoother economic interactions among member states. An example of a Common Economic Space is the Eurasian Economic Union, which includes countries like Russia, Kazakhstan, and Belarus. This union aims to create a unified market, allowing for the free movement of goods, services, capital, and labor, thereby promoting economic integration and development among its members.