Commodity

Broadly speaking, any article exchanged in trade, but commonly used to refer to raw materials and bulk-produced agricultural products such as cereals, coffee or tea.

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Common carrier

In some jurisdictions, a legal term referring to carriers who offer transport services to the general consumer or business public. In contrast, for example, to carriers who may work as employees, sub-contractors or agents of the manufacturer or shipper.

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Common external tariff

A tariff rate that is applied uniformly by a common market or customs union to imports from countries outside the region. For example, the European Common Market is a free internal trade area with a common external tariff applied to…

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Common external tariff

A uniform tariff rate adopted by a customs union or common market such as the European Community to imports from countries outside the union. For example, the European Common Market is based on the principle of a free internal trade…

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Common Law

The body of law derived from usages, customs, and judicial decisions, as distinguished from statutes. See Civil Law.

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