The European Common Market, also referred to as the Common Market or the European Economic Community (EEC), is a regional economic organization established in 1957. It is an agreement among European countries to form a single market to promote free trade and economic integration within the continent.
The European Common Market aims to eliminate trade barriers and establish a common external tariff for goods imported from non-member countries. This facilitates the free movement of goods, services, capital, and labor between member states. Through the principle of the four freedoms, which include the free movement of goods, services, people, and capital, the Common Market seeks to create a unified economic space.
One of the key goals of the European Common Market is to promote economic growth and increase prosperity among member countries. By ensuring the free movement of goods and services, it allows businesses to expand their markets and access a wider customer base, leading to increased competition and efficiency. This integration also encourages specialization, as countries can focus on producing goods and services in which they have a comparative advantage.
The European Common Market has evolved over time and eventually became part of the broader European Union (EU) in 1993. While the EU has expanded its scope beyond economic matters to include areas such as security, justice, and social policies, the principles of the Common Market still form the foundation for the EU's single market.
