common market

This term describes a specific stage of economic integration that goes beyond a simple free trade area. While a free trade area removes tariffs between members, a common market also ensures the four freedoms: the free movement of goods, services, capital, and people. It implies a high level of regulatory harmonization and shared policy goals among participating nations.

In political and economic discourse, the term is most strongly associated with the early stages of the European Union, specifically the European Economic Community. It is used in formal, academic, or diplomatic contexts to describe regional blocs aiming for deep economic cohesion rather than superficial trade agreements.