Single market: Encyclopedia - Single market

Single market

A single market is a customs union with common policies on product regulation, and freedom of movement of all the four factors of production (goods, services, capital and labour).

Sometimes a single market is differentiated as a more advanced form of common market. In comparision to common a single market envisions more efforts geared towards removing the physical (borders), technical (standards) and fiscal (taxes) barriers among the member states. These barriers obstruct the freedom of movement of the four factors of production. To remove these barriers the member states need political will and they have to formulate common economic policies.

This is the fourth stage of economic integration.

Single market is established through trade pact.

Single market - List of Single Markets

Every Economic and monetary union has also a Single Market

• the European Community (EC), informaly known as the Common Market. The European Union single market programme was established in the late 1980s and has been under development ever since. The formally became a single market in 1992 when the Maastricht treaty was siged. Further information on the European Union single market can be found here
• European Economic Area (EEA) between the EC, Norway, Iceland and Liechtenstein
• the Caribbean Community single market

Single market - Proposed

• Economic Community of West African States (ECOWAS)
• Central African Common Market of the Economic Community of Central African States (ECCAS)
• Gulf Cooperation Council (GCC), due in 2007
• Southern African Development Community (SADC), due in 2012
• ASEAN Economic Community (AEC), due in 2020
• African Economic Community (AEC), due in 2023

Category: International trade

Adapted from the Wikipedia article "Single market", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki