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What (who) is customs union - definition

TYPE OF TRADE BLOC WITH A FREE TRADE AREA AND COMMON EXTERNAL TARIFF

Customs Union; Zollwerein; Tariff union; Customs unions; List of customs unions; Custom union; Customs arrangement

customs union

¦ noun a group of states that have agreed to charge the same import duties as each other and usually to allow free trade between themselves.

Customs Union

· A group of nations which have agreed to eliminate tariffs on goods traded among members while imposing common external tariffs on goods entering from outside the union. The European Common Market is the best known example.

· An agreement between two or more countries to remove trade barriers with each other and to establish common tariff and nontariff policies with respect to imports from countries outside of the agreement. The European Community is the most well-known example. The two primary trade effects of a customs union are: (a) trade creation -- the shift from consumption of domestic production toward consumption of member imports and (b) trade diversion -- the shift from trade with non-member countries in favor of trade with member countries.

Customs union

A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff.GATT, Article 24, s.

https://en.wikipedia.org/wiki/Customs_union

Wikipedia

Customs union

A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff.

Customs unions are established through trade pacts where the participant countries set up common external trade policy (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.

Every economic union, customs and monetary union and economic and monetary union includes a customs union.

https://en.wikipedia.org/wiki/Customs union

Examples of use of customs union

1. "Turkey kept its promise by signing Customs Union additional protocol.

2. The Saudis prefer to take the multilateral approach, since their argument is that the GCC is a customs union, so member countries should negotiate as a region, as a customs union.

3. Putin said the customs union ought to be operational in three years.

4. The provisional dateline for achieving the Customs Union was extended to 2007.

5. Karayalçýn notes that if a region or sector in Turkey is hurt by the customs union, then Turkey has the right to unilaterally freeze customs union on that sector or region.