common market


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common market

a market where obstacles to free movement of the important sectors of the economy have been removed. Although a general term in economics, it is of special significance to lawyers as one of the foundations of the European Union. In the European Economic Community Treaty, the essential part of the Common Market was expressed as involving four freedoms: free movement of goods, free movement of persons, free movement of services and of establishment and free movement of capital. It also requires more positive steps, and these are reflected in policies: the Common Agricultural Policy, the transport policy and competition policy. The single European act prescribed a timetable for the single internal market. In the UK, in common parlance, the term Common Market is still erroneously or mischievously used of the European Union itself
References in periodicals archive ?
Over the next 42 years however, the Common Market was side-lined and morphed into the EEC, the European Economic Community.
That constant attempt to water down our resolution to leave by trying to pass off the Common Market as just a synonym for free trade is either loose thinking or an attempted deception.
The UN peace keeping body in Abyei further argued that in order to promote a shared sense of ownership by both communities of the common market, it facilitated joint peace committee meetings between the Ngok Dinka and Misseriya at Todach in the central sector on 21 and 28 July.
The Common Market for Eastern and Southern Africa (COMESA) is International organization with a regional focus in East Africa with the objective of creating a customs union among its twenty members.
Fast forward 40 years and the Common Market has morphed into the EU, a political union which seeks ever greater political and fiscal integration together with expansion of its members and borders.
Wouldn't a loose association of sovereign nation-states, sharing the hard economic core of a continental common market - the British model - be enough?
Paint manufacturers are expanding their operations riding on ongoing efforts by the five countries in the region to achieve a Single Customs Territory and efficient Common Market, which are expected to open more opportunities for companies in East Africa.
The United Kingdom joined The Common Market but, since the formation of the so called European Union, we in particular have seen our authority in our own country diminish.
1 -- (BNA): The Chief Executive of the Gulf Cooperation Council (GCC)'s Electric Power Grid Authority Ahmed Ali Al-Ebrahim said that the Authority's work in the foreseeable future includes the establishment of the Gulf Energy Exchange Common Market as one of the key futuristic objectives.
All the anti-British rules they quote also apply to the whole of the common market - we are not being selected for punishment.
ISLAMABAD -- Iranian Trade Minister, Mohammad Reza Nematzadeh underlined that establishment of a common market among Islamic nations can pave the way for flourishing their economy.
TEHRAN (FNA)- Iranian Trade Minister Mohammad Reza Nematzadeh underlined that establishment of a common market among Islamic nations can pave the way for flourishing their economy.

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