Concept information
Preferred term
common markets
Definition
- A common market is an advanced stage in economic integration, a process in which two or more countries, usually within a geographic region, agree to reduce barriers to economic transactions among themselves. It goes beyond a preferential trade agreement, in which the countries concerned offer each other lower tariffs than their normal rates, a free trade area, where member countries eliminate trade barriers among themselves, and a customs union, where they also establish common trade polices with respect to non-members. [Source: Encyclopedia of Business in Today's World; Common Market]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/common_markets
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