The European Union came into being due to the integration of 27 European countries over a period of fifty years – a longtime thought which culminated into a scheme started immediately after the world War-II and got realized after five decades of deliberations and negotiations among the member states. The EU has now transformed into a Single European Market (SEM) thereby operating upon the dynamics of an Internal Market.
The Internal Market rests upon the liberalized trade among the European nations with no internal physical, technical or fiscal barriers for achieving the objectives of economic and social progress and improvement in the living and working conditions of the citizens of the EU.¹
The Internal Market basically focuses upon socio-economic welfare of the EU citizens . This has motivated the European Community Trade Law to give benchmarks for achieving the progress towards greater harmonization of regulations and procedures for the EU member states. The statutes of the Community Trade law strive to remove the legislative anomalies, present in divergent legislations, which have become conflicting or obsolete. The Law further regulates the activities of the Internal Market for achieving a common commercial policy in the field of agriculture, fisheries and transport. It removes obstacles to free movement of services, capital, people and goods through a common Custom Union and harmonized tariff thereby creating European Monetary Union (EMU) for the EU citizens. The Law also strengthens the policies safeguarding the intellectual property rights, reinforcing environmental protection and creating better employment opportunities in the EU.²
The short-term economic objectives of the Internal Market have greatly been achieved by increased...