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 ?
Nematzadeh proposed establishment of common markets for Islamic countries and pointed out that improved technological capabilities could be a necessity for facilitation of the trade.
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.
He noted that, in general, there will be several common markets: common economic market, common market of agricultural products, common labor market.