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customs union

 

Definitions from WordNet

Noun customs union has 1 sense
  1. customs union - an association of nations to promote free trade within the union and set common tariffs for nations that are not members
    --1 is a kind of
    union
    --1 has particulars: Benelux

Definitions from the Web

Customs Union

A 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 Trade

In 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 Integration

A 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: Local

In 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.

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