common market
An international *market created by the reduction or elimination of *customs duties and other trade formalities between nations. Examples of common markets include the Andean Pact, originally founded in 1969, and the European Union, an earlier form of which was created by the 1957 Treaty of Rome.

Auditor's dictionary. 2014.

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  • Common Market — a market where obstacles to free movement of the important sectors of the economy have been removed. Although a general term in economics, it is of special significance to lawyers as one of the foundations of the European Union. In the European… …   Law dictionary

  • common market — common markets 1) N COUNT A common market is an organization of countries who have agreed to trade freely with each other and make common decisions about industry and agriculture. ...the Central American Common Market. 2) N PROPER: the N The… …   English dictionary

  • common market — ► NOUN 1) a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries. 2) (the Common Market) the European Economic Community or European Union …   English terms dictionary

  • Common Market — Common Mar|ket the Common Market old fashioned a former name for the ↑European Union …   Dictionary of contemporary English

  • common market — n. 1. an association of countries formed to effect a closer economic union, esp. by means of mutual tariff concessions 2. [C M ] the European Economic Community …   English World dictionary

  • 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 * * * Common Market ˌCommon ˈMarket noun a former name for what became known as… …   Financial and business terms

  • common market — An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services. Bloomberg Financial Dictionary * * * Common Market ˌCommon ˈMarket noun a former name for what became known as the… …   Financial and business terms

  • common market — UK / US noun [countable] Word forms common market : singular common market plural common markets business an economic organization, usually consisting of several countries, whose aim is to encourage free trade between its members …   English dictionary

  • common market — noun a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries. ↘(the Common Market) a name for the European Economic Community or European Union, used especially in the 1960s and… …   English new terms dictionary

  • Common Market — noun the Common Market old fashioned the European Union …   Longman dictionary of contemporary English

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