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customs union
Sign in to savetype of trade bloc with a free trade area and common external tariff
Wikidata facts
- Instance of
- economic integration
- Subclass of
- trade bloc
- Image
- Customs Unions World.svg
Show 3 more facts
- topic's main category
- Category:Customs unions
- has characteristic
- common external tariff
Sources (3)
via Wikidata · CC0
~10 min read
Encyclopedic overview
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.
Excerpted from Wikipedia’s “customs union” article, available under the CC BY-SA 4.0 licence.