Describe the concept of common markets.

Describe the concept of common markets.

A common market is a type of economic integration where member countries eliminate trade barriers, such as tariffs and quotas, among themselves and adopt a common external trade policy towards non-member countries. In a common market, member countries also allow the free movement of goods, services, capital, and labor within the market. This means that businesses can trade and invest freely across borders, and individuals can live and work in any member country without restrictions. Common markets aim to promote economic cooperation, increase trade and investment flows, and create a level playing field for businesses within the market. The European Union is an example of a common market.