Definition of Common market:
A group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.
Group formed by countries within a geographical area to promote duty free trade and free movement of labor and capital among its members. European community (as a legal entity within the framework of European Union) is the best known example. Common markets impose common external tariff (CET) on imports from non-member countries.
How to use Common market in a sentence?
- Sometimes countries will try and form a common market so that their businesses can flourish selling to each other in an easier fashion.
- The common market in the region was able to agree on the optimal resource allocation methods based on natural resources.
- It required that companies in the common markets for steel and coal publish price lists.
- The country formed a common market and that made a lot of the people living there very happy and optimistic.
Meaning of Common market & Common market Definition