Definitions for customs union
cus·toms union

Princeton's WordNetRate this definition:0.0 / 0 votes

1. customs unionnoun

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

WikipediaRate this definition:0.0 / 0 votes

1. 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.

ChatGPTRate this definition:0.0 / 0 votes

1. 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.

WikidataRate this definition:0.0 / 0 votes

1. 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

1. • Union

How to pronounce customs union?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say customs union in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of customs union in Chaldean Numerology is: 9

2. Pythagorean Numerology

   The numerical value of customs union in Pythagorean Numerology is: 3

Examples of customs union in a Sentence

1. Boris Johnson:

   Take out, excise, surgically remove the backstop, OK? thats the problem, thats the lobster pot, thats the trap that keeps us locked in the customs union and means we have this terrible Hobsons choice between, as it were, sacrificing Northern Ireland orremaining subject to the E.U. without having any say in the E.U.

2. Jeremy Hunt:

   They had a lot of concern about, for example how we're going to avoid a hard border with Northern Ireland, whether it is possible to have frictionless trade without a customs union, what we've shown them is that that is possible. This is a very very significant step... I think we have the basis that we can move forward.

3. Michael Gove:

   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.

4. Robert Hayward:

   Politicians always look at the last set of election results and by definition they're going to look at what happens on May 3 and make a judgment on that, it will have an impact on what has to happen in the budget, 'Do I take a more militant view in relation to the Customs Union, or Brexit, or nurses, or numbers of policemen?'.

5. Nasser Saidi:

   The original customs union agreement, established Jan 2003, no longer serves the needs of the GCC countries ... including Saudi and the UAE and in light of the increased competition between the two countries pursuing similar non-oil diversification activities, the current dispute, while disruptive in the short-term, can open the door to a more efficient, modern, trade and investment framework and agreement that would boost growth prospects and allow for greater diversification, higher value-added regional trade.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=customs union
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Customs_Union
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=customs union