COMECON is the English abbreviation for "Council for Mutual Economic Assistance", which in Spanish is established with the acronym CAME or CAEM to describe going to the Council for Mutual Economic Assistance, this was an economic cooperation organization erected to facilitate and coordinate economic development of the Eastern European countries belonging to the Soviet bloc. This multilateral agreement between the Soviet Union and its satellite states provided a series of close economic ties within its jurisdiction and also generated numerous resources for the investments of the countries that comprised it.
For its part, this organization, which was mostly comprised of socialist countries, had the purpose of promoting commercial relations between its members in order to counter the international entities that were immersed in the capitalist economy. It also sought to have an alternative to the well-known "Marshall Plan" promoted by the United States for the readjustment of the economy of the European countries after the Second World War.
COMECON was created in January 1949 with headquarters in Moscow in response to the formation of the Committee for European Economic Cooperation in Western Europe between 1949 and 1953. At the end of 1950, after the formation of the European Economic Community in Europe In the West, COMECON undertook more systematic and intense efforts along these lines, albeit with limited success. Following the democratic revolutions in Eastern Europe in 1989, the organization lost much of its purpose and power, and changes in policies and name in 1990-1991 meant its disintegration.
COMECON's member territories were the Soviet Union, Bulgaria, Czechoslovakia, Hungary, Poland, and Romania; then in February 1949 Albania was integrated into the organization, but it stopped taking an active part at the end of 1961; in September 1950 the German Democratic Republic joined and the People's Republic of Mongolia in June 1962. In 1964 an agreement was signed allowing Yugoslavia to participate on equal terms with the members of COMECON in the areas of trade, finance, currency, and industry. Cuba, in 1972, became the ninth full member and Vietnam, in 1978, became the tenth.
