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A common market ideally comprises free movement and adequate common regulation of services, labour, capital, direct investment and codified technology (such as patents). Common markets include: the ASEAN Economic Community, the Eurasian Economic Community, the European Union, the East African Economic Community, the Caribbean Common Market and the Central American Common Market. The analysis in this chapter covers the cross-regional comparability of common markets, how common markets compare to a single market and the economic reasons why common markets are desirable. Finally, the chapter raises the question of whether these common markets can be expected to remain stable in the long run.

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