Common market

A zone covered by an economic agreement that provides for the free movement of goods, services, capital and labour.

A common market, exemplified by the European Community, represents the highest degree of economic integration.

Not only does it imply complete freedom of internal trade, but also free mobility of labour (including the right to reside and accept employment in all member countries, and mutual recognition of professional qualifications) and full capital mobility (such as the lack of trade barriers, and full rights of establishment for firms in all member countries).