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 ?
Brittain's description of the 'poverty creating sham of a single market' is a contradiction in terms.
Turkey, for example, is in a customs union with the EU but not the Single Market.
The single market is a huge achievement and a cornerstone for the robustness and the global competitiveness of the European economy.
As part of the European Single Market, Welsh workers are given some protection against excessive hours, discrimination and attacks on their terms and conditions if their jobs are contracted out.
"There aren't any barriers to doing business in EU countries - if we're in the single market and customs union.
But despite being joined by three Conservative rebels who also backed single market membership, the proposal was defeated in the House of Commons by 327 votes to 126.
It would make it a formal goal in negotiations to keep 'full access' to the single market.
Among Leave voters, 11% think Britain is better off economically in Europe, while 28% think we should stay in the Single Market.
They said the UK should be part of the European Economic Area (EEA) after Brexit - which would mean remaining in the single market permanently.
This confirms that, in the event of Brexit taking place, the best way to protect the economy would be to remain in the Single Market and the Customs Union.
But in an interview with the BBC, Macronsaid London's financial centre could not enjoy the same level of access to the EU under May's current Brexit plan, which envisages Britain leaving the EU's single market and customs union.

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