A common market is an organization of countries who have agreed to trade freely with each other and make common decisions about industry and agriculture.
[business]
...the Central American Common Market.
2. proper noun
The Common Market is the former name of the European Union.
...the opening words of the Treaty of Rome establishing the Common Market in 1957.
Common Market in British English
noun
the Common Market
common market in American English
1.
an association of countries formed to effect a closer economic union, esp. by means of mutual tariff concessions