common market > define

noun

• An international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members.
  • usage: "he tried to take Britain into the Europen Union"
  • synonyms: European Union, EU, European Community, EC, European Economic Community, EEC, Europe

Common market is an agreement between two or more countries that permits the free movement of capital and labor as well as goods and services.