Define Common markets

Common market is a custom union, establish to eliminate progressively all tariff and quotas on trade among its members, and to establish to a common tariff on imports from outside the community. On the other hand, common market is a Group formed by countries within a geographical area to promote duty free trade and free movement of labor and capital among its members. European community (as a legal entity within the framework of European Union) is the best known example. Common markets impose common external tariff (CET) on imports from non-member countries.