Group formed by countries within a geographical area to promote duty free trade and free movement of labor and capital among its members. European community (as a legal entity within the framework of European Union) is the best known example. Common markets impose common external tariff (CET) on imports from non-member countries.
· Tariff
· Quotas
· Rules & Regulations
· Customer protection law
· Standards
· Certificates
· Environment issue
· Etc
· A common market is a type of trade block which is composed of custom union with common policies on product regulation and freedom of movement of the factors or production (capital and labor) and of enterprise)
· The goal is that the movement of capital, labor, goods and services between members is as easy within them
· For both business within the market and consumers, a single market is very competitive environment, making the existence of monopolies more difficult
· Example EU
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