common market
Definition
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.
common market is in the Economics, Politics, & Society and International Trade & Relations subjects.
common market appears in the definitions of the following terms: customs union, contango, most favored nation (MFN), trade pact, CARIbbean COMmon market (CARICOM), Trade and Investment Framework Agreement (TIFA), Preferential Trade Agreement (PTA), common external tariff (CET or CXT) and free trade agreement
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