customs union

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customs union

A customs union allows goods to move freely between its member countries.

Definition

Noun: A customs union is a formal agreement between two or more countries to eliminate tariffs and other trade barriers on goods moving between them, while also adopting a common external tariff on imports from countries outside the union. Its primary purpose is to facilitate free trade among member states and present a unified trade policy to the rest of the world.

Usage and Examples

  • General Use:

    • The European Union began as a customs union before evolving into a more integrated economic and political bloc.
    • Forming a customs union can significantly boost trade between the participating nations.

  • In Economic/Political Context:

    • The countries negotiated a customs union to strengthen their regional economy.
    • A key feature of a customs union is the common external tariff applied to all non-members.
Advanced Usage
  • "to establish/form a customs union": The act of creating such an agreement.
    • The neighboring states agreed to form a customs union to promote economic integration.
  • "within a customs union": Referring to the internal market created by the agreement.
    • Goods can move freely within the customs union without being subject to duties.
Variants and Related Words
  • Common market: An advanced form of economic integration that includes a customs union and adds free movement of labor and capital.
  • Free trade area: A less integrated agreement where countries remove tariffs among themselves but maintain their own external trade policies.
  • Economic union: A deeper level of integration that includes a common market and harmonized economic policies.
Synonyms
  • Trade bloc: A broad term for a group of countries united by trade agreements.
  • Tariff union: A less common synonym emphasizing the common external tariff.
Related Phrases and Concepts
  • Common external tariff (CET): The uniform tariff rate applied by all members of a customs union to imports from non-member countries. This is a defining characteristic.
  • Trade liberalization: The general process of reducing trade barriers, which a customs union aims to achieve internally.
customs union

A customs union allows goods to move freely between its member countries.

Noun
  1. an association of nations to promote free trade within the union and set common tariffs for nations that are not members