COMECON

American  

[kom-i-kon] / ˈkɒm ɪˌkɒn /

Or Comecon

noun

1. an economic association of Communist countries, established in 1949, to facilitate trade and development.

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Comecon British  

/ ˈkɒmɪˌkɒn /

noun

1. Also: CMEA.  (formerly) an association of Soviet-oriented Communist nations, founded in 1949 to coordinate economic development, etc; it was disbanded in 1991 when free-market policies were adopted by its members

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Etymology

Origin of COMECON

Co(uncil for) M(utual) Econ(omic Assistance)

Example Sentences

Once that was complete, Comecon, the Sovietled economic assistance body, poured millions of dollars into an effort in the early 1980s to translate the newly acquired geological knowledge on Cuba into data on mineral resources, such as the country's prodigious nickel reserves.

From Science Magazine

Gazprom accounts for about 30% of European Union states' gas imports, but countries in Central and Eastern Europe that were once part of the Soviet-era Comecon trading bloc are disproportionately dependent on Russian gas because of their inherited distribution infrastructure. 

From Los Angeles Times

The Commission’s newer gripe is that Gazprom has been using its position as a dominant supplier of gas in eastern Europe, a legacy of the USSR’s position as gas supplier to its Comecon satellites.

From Time

The alliance of former Soviet republics was designed by the Kremlin leader to counter the Brussels-based European Union, which has spread its trade and political assimilation up to Russia's borders, including the Eastern European states that were members of Moscow-led Comecon during the Cold War era and the three ex-Soviet Baltic republics.

From Los Angeles Times

He once also likened the EU structure to that of Comecon, the Soviet bloc' economic cooperation group.

From Reuters