customs union
Tariff-free trading zone
A customs union is an agreement between countries to eliminate tariffs on trade among themselves while maintaining a common external tariff on goods from outside the group.
Unlike a free trade agreement, members surrender independent trade policy—they must collectively negotiate with non-members.
The European Union operates as a customs union: Brexit meant leaving the customs union.
- tariffTax on traded goods
- BeneluxWestern European economic bloc
- economic integrationMerging separate national markets
- common marketIntegrated trading zone
- importObtain from overseas
harmonization · trade · bloc · member states · trade barrier · trade agreement · duty · European · negotiation · barrier · goods · sovereignty · border · border controls · Brexit · commerce · checkpoint · tax
- EU lawTreaty of Rome, acquis communautaire, directives, transposition, direct effect
- African OrganizationsAUC, PAP, regional blocs, member states, peace council
- tradetrade balance, free trade, trade barriers, trade deficit, commerce
- customsholiday tradition, greeting, rituals, unspoken rules, cheek kissing
- BrexitBrexit, leave, remain, no deal, backstop
- economic policymonetary policy, tax policy, fiscal discipline, fiscal stimulus, fiscal restraint
customs unionautarky
Complete economic independence
protectionism · economic isolation · trade barriers · mercantilism · trade war
union, unique, united, custom, universe, customer, customs, reunion, customary