Meaning of “closed market” in the English Dictionary

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"closed market" in Business English

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closed marketnoun [ C ]

uk us

FINANCE, ECONOMICS a market that is not open to business from companies in other countries:

Latin American economies are opening up to world markets in reverse of their closed market approach in the debt crisis of the 1980s.

(Definition of “closed market” from the Cambridge Business English Dictionary © Cambridge University Press)