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A common market is a free trade area with relatively free movement of capital and services.
The European Economic Community is sometimes referred to as the "Common Market", a regional organisation from 1958 to 1993.
Common market or Common Market may also refer to:
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A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff.
The European Economic Community (EEC) was a regional organisation that aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957. Upon the formation of the European Union in 1993, the EEC was incorporated into the EU and renamed the European Community (EC). In 2009, the EC formally ceased to exist and its institutions were directly absorbed by the EU. This made the Union the formal successor institution of the Community.
An economic and monetary union (MCU) is a type of trade bloc that features a combination of a common market, customs union, and monetary union. Established via a trade pact, an MCU constitutes the sixth of seven stages in the process of economic integration. An MCU agreement usually combines a customs union with a common market. A typical MCU establishes free trade and a common external tariff throughout its jurisdiction. It is also designed to protect freedom in the movement of goods, services, and people. This arrangement is distinct from a monetary union, which does not usually involve a common market. As with the economic and monetary union established among the 27 member states of the European Union (EU), an MCU may affect different parts of its jurisdiction in different ways. Some areas are subject to separate customs regulations from other areas subject to the MCU. These various arrangements may be established in a formal agreement, or they may exist on a de facto basis. For example, not all EU member states use the Euro established by its currency union, and not all EU member states are part of the Schengen Area. Some EU members participate in both unions, and some in neither.
The Maastricht Treaty, concluded in 1992 between the 12 member states of the European Communities, is the foundation treaty of the European Union (EU). Formally the Treaty on European Union. it announced "a new stage in the process of European integration" chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and for common foreign and security policies. Although these were widely seen to presage a "federal Europe", the focus of constitutional debate shifted to the later 2007 Treaty of Lisbon. In the wake of the Eurozone debt crisis unfolding from 2009, the most enduring reference to the Maastricht Treaty has been to the rules of compliance – the "Maastricht criteria" – for the currency union.
A single market is a type of trade bloc in which most trade barriers have been removed with some common policies on product regulation, and freedom of movement of the factors of production and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical (borders), technical (standards) and fiscal (taxes) barriers among the member states are removed to the maximum extent possible. These barriers obstruct the freedom of movement of the four factors of production.
The Treaty of Rome, or EEC Treaty, brought about the creation of the European Economic Community (EEC), the best known of the European Communities (EC). The treaty was signed on 25 March 1957 by Belgium, France, Italy, Luxembourg, the Netherlands and West Germany, and it came into force on 1 January 1958. Under the name "Treaty on the Functioning of the European Union", it remains one of the two most important treaties in what is now the European Union (EU).
The European Economic Area (EEA) was established via the Agreement on the European Economic Area, an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association. The EEA links the EU member states and three EFTA states into an internal market governed by the same basic rules. The United Kingdom benefits from this relationship during the transition/implementation period planned by the treaties. These rules aim to enable free movement of persons, goods, services, and capital within the European Single Market, including the freedom to choose residence in any country within this area. The EEA was established on 1 January 1994 upon entry into force of the EEA Agreement. The contracting parties are the EU, its member states, and Iceland, Liechtenstein, Norway, and the United Kingdom.
A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade are reduced or eliminated among the participating states.
The European Communities (EC), sometimes referred to as the European Community, were three international organizations that were governed by the same set of institutions. These were the European Coal and Steel Community (ECSC), the European Atomic Energy Community, and the European Economic Community (EEC); the last of which was renamed the European Community (EC) in 1993 by the Maastricht Treaty, which formed the European Union.
The following outline is provided as an overview of and topical guide to the European Union:
The Southern African Development Community (SADC) is an inter-governmental organization headquartered in Gaborone, Botswana. Its goal is to further socio-economic cooperation and integration as well as political and security cooperation among 16 southern African countries.
The European Union has a number of relationships with nations that are not formally part of the Union. According to the European Union's official site, and a statement by Commissioner Günter Verheugen, the aim is to have a ring of countries, sharing EU's democratic ideals and joining them in further integration without necessarily becoming full member states.
The Single European Act (SEA) was the first major revision of the 1957 Treaty of Rome. The Act set the European Community, an objective of establishing a single market by 31 December 1992, and codified European Political Cooperation, the forerunner of the European Union's Common Foreign and Security Policy (CFSP). It was signed at Luxembourg on 17 February 1986, and at The Hague on 28 February 1986. It came into effect on 1 July 1987, under the Delors Commission.
European integration is the process of industrial, economic, political, legal, social and cultural integration of states wholly or partially in Europe or nearby. European integration has primarily come about through the European Union and its policies.
The European Union–Turkey Customs Union is a trade agreement between the European Union (EU) and Turkey. The agreement came into effect on 31 December 1995, following a 6 March 1995 Decision of the European Community–Turkey Association Council to implement a customs union between the two parties. Goods may travel between the two entities without any customs restrictions. The Customs Union does not cover essential economic areas such as agriculture, services or public procurement.
At present, there are four multi-lateral free trade areas in Europe, and one former free trade area in recent history. Note that there are also a number of bilateral free trade agreements between states and between trade blocks; and that some states participate in more than one free trade area.
Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade.
A free trade agreement (FTA) or treaty is a multinational agreement according to international law to form a free-trade area between the cooperating states. FTAs, a form of trade pacts, determine the tariffs and duties that countries impose on imports and exports with the goal of reducing or eliminating trade barriers, thus encouraging international trade. Such agreements usually "center on a chapter providing for preferential tariff treatment", but they also often "include clauses on trade facilitation and rule-making in areas such as investment, intellectual property, government procurement, technical standards and sanitary and phytosanitary issues".
The European Economic Area Act 1993 is an Act of the Parliament of the United Kingdom that incorporates the EEA Agreement signed in Brussels on 2 May 1992 that made provision for the free movement of persons, goods, services and capital within the European Single Market into the domestic law of the United Kingdom and amends the European Communities Act 1972 to incorporate the agreement within the list of the EC/EU treaties. It was given Royal assent on 5 November 1993.