Trade
Common Market
Stage of economic integration including free movement of goods, services, capital, and people between member countries.
Stage of economic integration including free movement of goods, services, capital, and people between member countries.
A common market is an advanced stage of economic integration going beyond a customs union, allowing free mobility of all factors of production among member countries.
Customs Union
An agreement between two or more countries to eliminate tariffs among themselves and establish a common external tariff toward third countries.
TariffsFree Trade Zone
An area formed by two or more countries that eliminate tariffs and trade restrictions between them while each maintains its own tariff policy toward third countries.
TradeFree Trade Agreement (FTA)
International agreement that eliminates or reduces tariffs and trade barriers between signatory countries.