Common Market

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Common Market

Summary of Common Market

A supranational organization of trading nations, created to promote economic collaboration and minimize constraints on the free movement of goods among the member states. Features of a common market include elimination of tariffs on goods moving between member states; adoption of a common external tariff; and free flow of capital and labor among members. In addition, a common market is apt to possess common monetary and fiscal policies, regional plans for industrial and agricultural development, and uniform rules for social services; it may exhibit movement toward political unification. See Customs Union And Free Trade Area.

(Main Author: William J. Miller)

Common Market and the GATT Policy Negotiations

In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Common Market: A group of countries formally committed to the unrestricted movement of goods, services, and factors of production traded among themselves. Features of a common market include elimination of tariffs and other barriers to internal trade, including harmonization of national standards that regulate the sale and distribution of goods; establishment of a common external tariff; and abolition of capital controls and restrictions on labor mobility among members. A common market may seek to harmonize macroeconomic policies or promote political unification, but this is not a necessary feature. See also customs union and economic union.

Common Market in International Trade

Meaning of Common Market, according to the Dictionary of International Trade (Global Negotiator): A common market (as opposed to a free trade area) has a common external tariff and may allow for labour mobility and common economic policies among the participating nations. The common market has the same features as a customs union, but, in addition, factors of production (labour, capital and technology) are mobile among members. Restrictions on immigration and cross-border investment are abolished. See economic integration.

Common Market

Embracing mainstream international law, this section on common market explores the context, history and effect of the area of the law covered here.

The Common Market and Europe

There is an entry on the common market in the European legal encyclopedia.

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See Also

  • International Organization
  • Foreign Relations
  • Intergovernmental Organization
  • Regional Organization
  • Regional Integration

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See Also

Further Reading

  • Entry “The Common Market” in the work “A Concise Encyclopedia of the European Union from Aachen to Zollverein”, by Rodney Leach (Profile Books; London)

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Further Reading

  • The entry “common market” in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, the Encyclopaedic Dictionary of International Law, 2009), Oxford University Press

Hierarchical Display of Common market

Economics > Economic structure > Economic system
Economics > Economic policy > Economic policy > Economic integration
Trade > International trade > Trade relations > Trade agreement

Common market

Concept of Common market

See the dictionary definition of Common market.

Characteristics of Common market

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Translation of Common market

Thesaurus of Common market

Economics > Economic structure > Economic system > Common market
Economics > Economic policy > Economic policy > Economic integration > Common market
Trade > International trade > Trade relations > Trade agreement > Common market

See also

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