The best definition of what a common market, also called a trading bloc, is a regional group of countries with
This refers to the type of market where there is an exchange with a group of countries as they impose little to no tariffs to with one another and other countries.
With this in mind, we can see that a common market which is also known as a trading bloc has to do with a regional group of countries which has no internal tariffs and a common external tariff.
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