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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebCustoms UnionA customs union refers to an agreement between two or more countries, where they establish a common external tariff and abolish or minimize trade barriers among themselves. This type of trading bloc aims to promote free trade and economic integration among its member states. Sense 1: International TradeIn international trade, a customs union eliminates trade barriers, such as tariffs, quotas, and import/export restrictions, between its member countries. This allows for the free movement of goods and services within the union while maintaining a common external trade policy with non-member countries. Sample Sentence: The European Union is an example of a customs union, where member countries can trade with each other without customs duties. Sense 2: Economic IntegrationA customs union facilitates economic integration by fostering closer economic relationships among member states. It encourages cooperation in areas like investment, competition policies, and harmonization of regulations. Sample Sentence: The creation of a customs union has led to substantial economic growth and increased cross-border investments among participating countries. Sense 3: LocalIn a local context, a customs union can refer to a specific trade agreement or arrangement between cities, regions, or local communities. These customs unions often aim to boost local businesses and promote regional trade. Sample Sentence: The customs union established between neighboring towns has encouraged local farmers to collaborate and expand their exports to nearby cities. Related products on Amazon: | ||||
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