What Is The Difference Between The Common Market And The Single Market?

A common market represents the initial step in the progression towards a single market. At its inception, it often resembles a free trade area, characterized by a notable degree of capital and service mobility. Nevertheless, it should be noted that, during this phase, certain trade barriers may still persist, albeit in reduced numbers. The common market lays the groundwork for a single market, which ultimately seeks to eliminate all remaining trade barriers.

The European single market, often referred to as the European internal market or the European common market, is a crucial component of the European Union (EU). It encompasses not only the 27 member states of the EU but also several other countries that have chosen to participate in this economic union. This single market is designed to eliminate barriers to the free movement of goods, services, capital, and people among its member nations. In essence, it creates a unified economic space where businesses can operate more efficiently and consumers can benefit from a wider range of products and services. So, in summary, the European single market is a broader concept than just the EU, including countries outside the EU that have opted to be part of this integrated economic system.