What does customs union mean?
Definitions for customs union
cus·toms union
This dictionary definitions page includes all the possible meanings, example usage and translations of the word customs union.
Princeton's WordNet
customs unionnoun
an association of nations to promote free trade within the union and set common tariffs for nations that are not members
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.
ChatGPT
customs union
A customs union is an agreement between two or more countries to remove trade barriers, reduce or abolish customs duties, and implement a common external tariff on imported goods from non-member countries. This type of agreement promotes free trade and encourages economic integration among member countries. The European Union is a prime example of a customs union.
Wikidata
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.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of customs union in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of customs union in Pythagorean Numerology is: 3
Examples of customs union in a Sentence
The UK will be outside the [ EU ] single market and outside the customs union, so we will have to be ready for the customs procedures and regulatory checks that will inevitably follow.
Enough is enough. We are all running out of patience. Make a decision and unite around a customs union compromise that delivers economic security and stability.
Government must rethink its position on the customs union.
We are taking important steps in the processes of integration and attracting investment with this customs union.
As a set of principles, one of the things we need to be able to do ... is the ability to do those international trade deals, to be able to trade globally around the world, and have an independent trade policy, that means we can't stay in the current EU customs union, there are a whole range of meetings today between senior ministers and colleagues around the House of Commons. We will listen to what people have to say.
Translations for customs union
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"customs union." Definitions.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.definitions.net/definition/customs+union>.
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