Study Notes

Examples of Common Markets in the Global Economy

Level:
AS, A-Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 15 Jan 2023

Here are some examples of common markets in the global economy:

  1. The European Union (EU): The EU is a common market that includes 27 member countries in Europe. The EU's common market is based on the principles of the free movement of goods, services, capital, and people, and it has resulted in the creation of a single market with a common trade policy and a common currency (the euro) in some of its member countries. The UK left the European Union in January 2021.
  2. The Southern Common Market (MERCOSUR): MERCOSUR is a common market that includes Argentina, Brazil, Paraguay, and Uruguay. MERCOSUR aims to promote the free movement of goods, services, and factors of production among its member countries, and it also includes provisions for a common trade policy and a customs union.
  3. The East African Community (EAC): EAC is a common market that includes Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda. The EAC aims to promote the free movement of goods, services, labor and capital among its member countries and also aims to establish a single customs area and a common market.
  4. The Gulf Cooperation Council (GCC): GCC is a common market that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The GCC is working towards the establishment of a single market, a customs union and a common currency among its member countries.

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