common market

Related Terms
Group formed by countries within a geographical area to promote duty free trade and free movement of labor and capital among its members. European community (as a legal entity within the framework of European Union) is the best known example. Common markets impose common external tariff (CET) on imports from non-member countries.

Use 'common market' in a Sentence

Sometimes countries will try and form a common market so that their businesses can flourish selling to each other in an easier fashion.
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The common market in the region was able to agree on the optimal resource allocation methods based on natural resources.
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The country formed a common market and that made a lot of the people living there very happy and optimistic.
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