| 1. | Official name, European Economic Community. an economic association established in 1958 and originally composed of Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany, created chiefly to abolish barriers to free trade among member nations and to adopt common import duties on goods from other countries: the United Kingdom, the Republic of Ireland, and Denmark joined in 1973, Greece joined in 1981, and Spain and Portugal joined in 1986. Abbreviation: CM |
| 2. | (sometimes lowercase ) any economic association of nations created for a similar purpose. |
| common market n. An economic unit, typically formed of nations, intended to eliminate or markedly reduce trade barriers among its members. |
| Common Market See European Economic Community. |