What is internal market? How to use in English

Discover the meaning of internal market in English, its pronunciation, and how to use it correctly in real-life situations. See examples and easy memorization tips.

Definition & pronunciation of internal market

internal marketnoun
thị trường nội bộ
/ɪnˌtɜːnl ˈmɑːkɪt//ɪnˌtɜːrnl ˈmɑːrkɪt/

Where does the word internal market come from?

The concept of an "internal market" in the European Union (EU) emerged in the late 1980s as a way to further integrate the economies of its member states. The term "internal market" refers to the integration of the national markets of each country into a single market with the removal of barriers to the free movement of goods, services, people, and capital within the EU. The term "market" is used in this context because the integration of national markets creates a more streamlined, efficient, and competitive market environment for businesses operating within the EU. The goal is to create a level playing field where companies can easily operate across borders without having to navigate different national regulatory regimes, customs procedures, or other barriers to trade. The term "internal" in the context of the EU is used to distinguish this concept from international trade between the EU and non-EU countries, as the EU has also long pursued policies aimed at reducing barriers to trade with its major trading partners around the world. Overall, the concept of an internal market is a central pillar of the European project, as it is seen as a key driver of economic growth, competitiveness, and job creation across the EU, while also promoting social and political cohesion among its members.

Example of vocabulary internal marketnamespace

The European Union's internal market has eliminated many trade barriers between member states, allowing for greater economic integration and competitiveness.
The internal market provides a level playing field for businesses across the EU, making it easier for them to operate in multiple countries.
One of the key principles of the internal market is the free movement of goods, people, services, and capital, which fosters economic growth and innovation.
To maintain the benefits of the internal market, EU member states must ensure that they do not create any internal barriers to trade that could distort competition or impede the proper functioning of the market.
The internal market is not without its challenges, however. Some goods and services may still be subject to certain restrictions, such as those related to health and safety, consumer protection, or environmental concerns.