A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A more developed type of customs union in which, in addition to the free movement of goods between member states, labour, capital and services can also move without restriction. Common markets lead to highly integrated economies.
Source: Walter Goode: Dictionary of Trade Policy Terms, Fourth Edition, (Cambridge University Press/WTO, 2003), p.70