Definition, Meaning & Synonyms
common-market
noun
/ˈkɒm.ən ˈmɑː.kɪt/
Definition
A common market is a type of trade bloc that allows for the free movement of goods, services, capital, and labor among member countries.
Examples
- The European Union is an example of a common market.
- Countries in a common market enjoy reduced tariffs on imports from each other.
- Common markets promote competition and benefits for consumers.
Meaning
It aims to enhance economic cooperation and integration among member states, creating a larger market for trade without tariff barriers.
Synonyms
- trade bloc
- economic community
- free trade area
