common market: meaning, definition, pronunciation and examples
Low-FrequencyFormal, Technical (Economics, Politics, History)
Quick answer
What does “common market” mean?
A type of economic bloc where member countries trade with each other without tariffs or quotas, and with some harmonized external trade policies, but without full political union.
Audio
Pronunciation
Definition
Meaning and Definition
A type of economic bloc where member countries trade with each other without tariffs or quotas, and with some harmonized external trade policies, but without full political union.
A formal agreement between a group of nations to promote free trade and movement of capital, goods, and labor within the group, often seen as a stage in economic integration between a free-trade area and a single market or economic union. Historically, it is often capitalized ('Common Market') as a specific reference to the European Economic Community (EEC).
Dialectal Variation
British vs American Usage
Differences
More historically embedded in British English due to the UK's membership debate and eventual departure from the EEC (Common Market). In American English, it is a more generic technical term, though often associated specifically with Europe.
Connotations
In UK English, it can carry historical/political weight from the 1975 referendum ('Stay in the Common Market'). In US English, it is a neutral, descriptive term for an economic concept.
Frequency
Higher historical frequency in UK English. Currently low frequency in both, but more likely to appear in UK historical/political contexts.
Grammar
How to Use “common market” in a Sentence
[Country] joined the common market.The [name] common market was established in [year].Goods move freely within the common market.Vocabulary
Collocations
Examples
Examples of “common market” in a Sentence
verb
British English
- The UK voted to common-market with Europe in 1973.
- The countries aimed to common-market their economies.
American English
- The nations sought to common-market their trade policies.
- They proposed to common-market the region.
adverb
British English
- [Not standard; term is not used as an adverb.]
American English
- [Not standard; term is not used as an adverb.]
adjective
British English
- Common-market regulations were complex.
- They discussed common-market accession.
American English
- The common-market agreement was signed.
- Common-market trade grew steadily.
Usage
Meaning in Context
Business
Referring to the regulatory environment for trade within a specific regional bloc.
Academic
Used in economics and political science to describe a stage of regional economic integration.
Everyday
Rare, except in historical discussions about Europe (e.g., 'When Britain was in the Common Market').
Technical
Precise term in international economics denoting a market with free internal trade and common external tariffs.
Vocabulary
Synonyms of “common market”
Strong
Neutral
Weak
Vocabulary
Antonyms of “common market”
Watch out
Common Mistakes When Using “common market”
- Using 'common market' interchangeably with 'European Union' (the EU is a political and economic union, of which the common market was a precursor/part).
- Confusing 'common market' with 'single market' (a single market has fewer barriers, e.g., in services and labor).
FAQ
Frequently Asked Questions
No. The 'Common Market' was the popular name for the European Economic Community (EEC), which was a major part of what later evolved into the European Union (EU). The EU encompasses much more, including political institutions, a single market, and a monetary union (for some members).
A free trade area removes tariffs between members, but each country keeps its own trade policies with non-members. A common market does this AND establishes a common external tariff against non-members, and typically allows freer movement of production factors like labor and capital.
Because many existing blocs, like the EU, have moved beyond this stage to become 'single markets' (with fewer barriers) or 'economic and monetary unions'. The term is now mostly historical or used for newer blocs in early stages of integration.
Yes, it is a general economic term. For example, the Caribbean Community (CARICOM) aims to be a common market, and the East African Community (EAC) has a common market protocol.
A type of economic bloc where member countries trade with each other without tariffs or quotas, and with some harmonized external trade policies, but without full political union.
Common market is usually formal, technical (economics, politics, history) in register.
Common market: in British English it is pronounced /ˌkɒm.ən ˈmɑː.kɪt/, and in American English it is pronounced /ˌkɑː.mən ˈmɑːr.kɪt/. Tap the audio buttons above to hear it.
Phrases
Idioms & Phrases
- “[No specific idioms; term is technical]”
Learning
Memory Aids
Mnemonic
Think of a COMMON MARKET as a shared marketplace for a group of countries—they have COMMON rules for trading with each other.
Conceptual Metaphor
A MARKET is a PLACE FOR EXCHANGE; a COMMON market is a SHARED or COMMUNAL place for exchange among nations.
Practice
Quiz
Which of the following is a key feature of a common market?