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English definition of “common market”

common market

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.
the Common Market the former name of the European Community, now known as the European Union
(Definition of common market noun from the Cambridge Business English Dictionary © Cambridge University Press)
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