- (Photo: Lis Lak)
A common market is for more states than any single national market. Several different states have free trade with one another and a common external tariff vis-a-vis third countries.
Originally called the European Economic Community (EEC). Established by the Treaty of Rome in 1958 and called the European Community, EC, from 1972 and then the European Union, EU, from 1993. The common market is also called the Internal Market since the Single European Act of 1987.
See also Internal Market.