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Simple English definitions for legal terms
common market
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A quick definition of common market:
A common market is a group of countries that agree to trade with each other without any restrictions or barriers. This means that goods, services, and people can move freely between these countries. The European Economic Community is an example of a common market, which is now known as the European Union. Common Market is just a nickname and not an official name.
A more thorough explanation:
COMMON MARKET
A common market is a group of countries that have agreed to trade with each other without any restrictions or barriers. This means that goods, services, and people can move freely between the countries in the common market.
One example of a common market is the European Economic Community, which was formed in 1957 and later became the European Union. The countries in the European Union have agreed to allow free trade and movement of people between them.
Another example of a common market is the Southern Common Market, also known as Mercosur, which includes countries in South America such as Brazil, Argentina, and Uruguay.
These examples illustrate how countries can benefit from being part of a common market by increasing trade and economic growth, as well as promoting cultural exchange and cooperation.