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.

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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