Common Market
European trade alliance
Common Market refers to an economic alliance where member countries allow free movement of goods, services, capital, and labor across borders.
The term is most associated with the European Economic Community, the predecessor to the European Union: Britain joined the Common Market in 1973.
More generally, any common market eliminates trade barriers between participating nations while maintaining shared external tariffs.
Continental political-economic federation
- BrusselsBelgian capital
- EurozoneSingle-currency economic area
- European CommissionEuropean Union's executive body
- European ParliamentEU's elected legislative branch
Treaty of Rome · Brexit · Eurocrats · Euroscepticism · Strasbourg · EEC · enlargement · member states
Unrestricted international exchange
- customs unionTariff-aligned trading partnership
- trade blocRegional commercial agreement
- importObtain from overseas
- exportForeign-bound sale
goods · services · commodities · trade barriers · quotas · duty-free · merchandise · trading partners
Creating consistency across systems
- free movementUnrestricted ability to travel
- standardizationImplementing uniform technical specifications
- unificationMerging into one entity
- economic unionIntegrated multinational trading zone
monetary union · fiscal policy · labor mobility · level playing field
Countries within a union
- allianceFormal union of parties
- partnershipShared business arrangement
- collaborationJoint intellectual work
- consensusGeneral group agreement
mutual benefit · solidarity · coordination · dialogue · multilateral · intergovernmental · supranational · treaty
European Union
Continental political-economic federation
- BrusselsBelgian capital
- EurozoneSingle-currency economic area
- European CommissionEuropean Union's executive body
European Parliament · Treaty of Rome · Brexit · Eurocrats · Euroscepticism · Strasbourg · EEC · enlargement · member states · supranational
free trade
Unrestricted international exchange
- customs unionTariff-aligned trading partnership
- trade blocRegional commercial agreement
- importObtain from overseas
export · goods · services · commodities · trade barriers · quotas · duty-free · merchandise · trading partners · commerce
harmonization
Creating consistency across systems
- free movementUnrestricted ability to travel
- standardizationImplementing uniform technical specifications
- unificationMerging into one entity
economic union · monetary union · fiscal policy · labor mobility · level playing field
member states
Countries within a union
- allianceFormal union of parties
- partnershipShared business arrangement
- collaborationJoint intellectual work
consensus · mutual benefit · solidarity · coordination · dialogue · multilateral · intergovernmental · supranational · treaty · agreement
Common Markettrade barriers
Restrictions on cross-border commerce
protectionism · tariff walls · autarky · trade war · economic nationalism
Common MarketEuropean Union
Continental political-economic federation
political union · nation-state · sovereign state · Euroscepticism · Brexit
Common Marketprotectionism
Shielding local producers
isolationism · economic nationalism · import substitution · self-sufficiency · closed borders
common, market, commonly, uncommon, commons, commoner, commonest, commonality, commonplace