Comecon
The Council for Mutual Economic Assistance (Russian: Совет экономической взаимопомощи, Sovet ekonomicheskoy vsaymopomoshchi, СЭВ, SEV, English abbreviation, or ), 1949–1991, was an economic organization under the leadership of the Soviet Union that comprised the countries of the Eastern Bloc along with a number of socialist states elsewhere in the world. The Comecon was the Eastern Bloc's reply to the formation of the Organization for European Economic Co-operation in non-communist Europe.
The descriptive term was often applied to all multilateral activities involving members of the organization, rather than being restricted to the direct functions of Comecon and its organs. This usage was sometimes extended as well to bilateral relations among members, because in the system of socialist international economic relations, multilateral accords—typically of a general nature—tended to be implemented through a set of more detailed, bilateral agreements.
Read more about Comecon: Name in Various Languages, Membership, Observer Status, How Comecon Exchanged, Structure, Nature of Operation, Comecon Versus The European Economic Community, Prices, Exchange Rates, Coordination of National Plans, International Relations Within The Comecon