noun
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.
欧州共同市場は、後のEUの基盤となった。
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'.