Common market

Common market,

Definition of Common market:

  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. 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?

  1. Sometimes countries will try and form a common market so that their businesses can flourish selling to each other in an easier fashion.
  2. The common market in the region was able to agree on the optimal resource allocation methods based on natural resources.
  3. It required that companies in the common markets for steel and coal publish price lists.
  4. 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