Common market

European Economic Community, economic alliance between some European states in order to promote free trade and uniform policies for import taxation from non-member countries

A Common Market is a customs union with common policies on product regulation, and freedom of movement of all the three factors of production (land, capital and labour) and of enterprise. The goal is that movement of capital, labour, goods, and services between the members is as easy as within them.Sometimes a Single Market is differentiated as a more advanced form of common market. In comparison to common a single market envisions more efforts geared towards removing the physical (borders), technical (standards) and fiscal (taxes) barriers among the member states. These barriers obstruct the freedom of movement of the four factors of production. To remove these barriers the member states need political will and they have to formulate common economic policies.
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Noun
1. an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members; "he took Britain into Europe"
(synonym) European Union, EU, European Community, EC, European Economic Community, EEC, Europe
(hypernym) world organization, world organisation, international organization, international organisation, global organization
(member-meronym) Denmark, Kingdom of Denmark, Danmark

An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services.

a group of geographically associated countries limiting trade barriers among member nations and applying common tariffs to products from non-members; also known as regional trading blocks. See European Common Market.