Common Market (Trade) - Explained
What is an International Common Market?
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What is a Common Market?
A common market, also known as a trade block, is a market that allows trade and exchange of labor or services between specific countries. It is the result of a regional or intergovernmental agreement that permits agreeing countries to trade with one another with little or no barriers to trade.
Common external tariffs (CET)s can be imposed on non-members of the market who want to import into the market.
The European community is an example of a common market organized for countries or members of the European Union. Common markets are established to create free trade areas among its members, in this market exchange of capital, goods and services can be done with less barriers to trade.