Common market

Common market
An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services. The New York Times Financial Glossary

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Common Market ˌCommon ˈMarket noun
a former name for what became known as the European Community and then the European Union

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common market UK US noun [C]
ECONOMICS, POLITICS a group of countries that have a formal agreement for trading among themselves and how they trade with countries outside the group: »

The new agreement would create a common market that would extend from northern Canada to the tip of South America.

the Common Market — Cf. the Common Market

Financial and business terms. 2012.

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