Meaning of “the Common Market” in the English Dictionary

(Definition of “the Common Market” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"common market" in Business English

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common marketnoun [ C ]

uk us

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” from the Cambridge Business English Dictionary © Cambridge University Press)