Customs Union

A customs union is a type of trade bloc which is composed of a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases they use different import quotas. Common competition policy is also helpful to avoid competition deficiency.

Purposes for establishing a customs union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.

It is the third stage of economic integration.

Customs unions are established through trade pacts.

Read more about Customs UnionList of Customs Unions

Other articles related to "union, customs union, customs, customs unions":

Schengen Area - Regulation of Internal Borders
... The European Union constitutes a customs union and a Value Added Tax area ... The effect of these provisions is to prohibit systematic tax, customs controls or any administrative processing of goods at borders between EU member ... of Schengen states are part of the customs union or VAT area, so some controls on goods entering or leaving the customs union and/or VAT area are inevitable ...
Modern Europe - European Union - Economic Integration - Customs Union
... The European Customs Union defines an area where no customs are levied on goods travelling within it ... It includes all member states of the European Union ... Andorra and San Marino belong to the EU customs unions with third states ...
Gains From Trade - Dynamics
... compensatory mechanisms, corresponding to a customs union for a given subset set of countries (described by free trade among a group of economies and a common set of tariffs), there is a common set of world' tariffs ... The suggestion is that if a customs union has advantages for an economy, there is a worldwide customs union that is at least as good for each country in the world ...
ATR.1 Certificate
... The ATR.1 Certificate is a customs document used in trade between EU members and Turkey, to benefit from cheaper rates of duty ... use of the certificate is the EU-Turkey Customs Union ... is important to remember that not all products are included in the customs union ...
List of Customs Unions - Defunct
... Customs and Economic Union of Central Africa (UDEAC) - superseded by CEMAC 1925 French Customs Union over occupied Territory of the Saar Basin The ...

Famous quotes containing the words union and/or customs:

    Should the German people lay down their arms, the Soviets ... would occupy all eastern and south-eastern Europe together with the greater part of the Reich. Over all this territory, which with the Soviet Union included, would be of enormous extent, an iron curtain would at once descend.
    Joseph Goebbels (1897–1945)

    He is a barbarian, and thinks that the customs of his tribe and island are the laws of nature.
    George Bernard Shaw (1856–1950)