common market
Shared economic zone
A common market is an economic agreement between countries that allows goods, services, capital, and labor to move freely across borders without tariffs or restrictions.
It goes beyond a simple free trade zone by also harmonizing regulations and policies among member nations.
The European Common Market, which later evolved into the European Union, is the most prominent example.
Several South American nations have attempted to form a common market.
- customs unionTariff-aligned trading partnership
- trade blocRegional commercial agreement
- import quotasLimits on foreign purchases
- European UnionContinental political-economic federation
- Four FreedomsRights from 1941 address
free movement · goods and services · ASEAN · Treaty of Rome · free trade agreement · trading partners · cross-border trade · economic cooperation · level playing field · economic integration · economic bloc · membership · tariff · bloc · Brussels · exchange · trading · commerce
- tradetrade balance, free trade, trade barriers, customs, trade deficit
- trade agreementstrade pacts, trade treaties, free trade agreements, NAFTA, USMCA
- trade blocsNAFTA, EU, ASEAN, USMCA, EEC
- trade organizationstrade association, trade bloc, chamber of commerce, trade commission, trade group
- economic zonesfree trade zone, enterprise zone, duty-free zone, industrial zone, customs union
- Trade Regionsfree trade zone, trade bloc, economic zone, customs union, economic bloc
common marketprotectionism
Shielding local producers
autarky · tariff wall · economic nationalism · economic isolation · trade embargo
common marketisolationism
Policy avoiding foreign alliances
trade war · mercantilism · import substitution · economic sanctions · quota system
common marketmonetary union
Shared currency arrangement
single currency · eurozone · free trade area · political union · economic union
common, market, commonly, marketing, uncommon, supermarket, markets, commons, marketer