Common Market
/ˈkɒmən ˈmɑːrkɪt/
Definitions
- (n.) A type of trade bloc composed of a free trade area with a common external tariff and the free movement of capital and labor among member states.
The European Economic Community was an example of a common market facilitating trade and labor mobility.
Forms
- common market
- common markets
Related terms
See also
Commentary
Use precisely to describe integration levels beyond customs unions, emphasizing labor and capital mobility alongside tariff unification.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.