Definition of Single market:
A type of trade bloc involving more than one nation based on a mutual agreement to permit the free movement of capital, labor, goods and services. A single market can also require the coordination of various social, fiscal and monetary policies among participating nations.
The European Single Market is an entity created by a trade agreement between participating states. These states include the members of the European Union (EU), as well as four non-EU countries that are members of the European Free Trade Association (EFTA).
An association of countries trading with each other without restrictions or tariffs. The European single market came into effect on January 1, 1993.
The Single Market created a unified trading territory that functions without border regulations, such as tariffs, which typically apply to trade between countries. The Single Market allows the unrestricted movement of goods and services, as well as capital and people throughout the territory or bloc.
How to use Single market in a sentence?
- In theory, this is one of those times when the European single market proves its worth.
Meaning of Single market & Single market Definition