An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services. Bloomberg Financial Dictionary
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Common Market ˌCommon ˈMarket noun
a former name for what became known as the European Community and then the European Union
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common market UK US noun [C]
► ECONOMICS, POLITICS a group of countries that have a formal agreement for trading among themselves and how they trade with countries outside the group: »
The new agreement would create a common market that would extend from northern Canada to the tip of South America.
Financial and business terms. 2012.