Economic communities are groups of countries or regions that come together to promote economic cooperation and integration. These communities often aim to reduce trade barriers, enhance economic growth, and improve the standard of living for their members. Examples include the European Union and the Association of Southeast Asian Nations (ASEAN). Members of an economic community typically agree on common policies regarding trade, investment, and labor. By working together, they can create a larger market, attract foreign investment, and increase competitiveness on a global scale. This collaboration can lead to shared resources and improved economic stability among the member nations.