common market
Economic term for a group of countries that have eliminated trade barriers and adopted common external tariffs, such as the European Economic Community.
The European Common Market became the foundation for the later EU.
A free trade area eliminates internal tariffs but allows members to set their own external tariffs, while a common market also harmonizes external tariffs and allows free movement of labor and capital.
Compound of 共同 (kyōdō, 'joint, common') and 市場 (shijō, 'market'), likely a calque from English 'common market'.