economic union
Shared market agreement
An economic union is an agreement among countries to integrate their economies by removing trade barriers, adopting common external tariffs, allowing free movement of labor and capital, and coordinating economic policies.
It represents deeper integration than a free trade area or customs union: The European Union began as an economic union before expanding into political cooperation.
Member states typically harmonize regulations and may share a common currency.
- common marketIntegrated trading zone
- single marketIntegrated trading bloc
- trade blocRegional commercial agreement
- marketVenue for trade
- common currencyMutually accepted money
World Trade Organization · free trade agreement · border controls · ASEAN · free trade area · regional cooperation · level playing field · labor mobility · common · globalization · diplomatic treaties · currency · agreement · bloc · federation · tariff · alliance · customs
- Global OrganizationsUnited Nations, UN, EU, NATO, WHO
- international agreementstreaty, trade deal, defense pact, climate accord, free trade zone
- Modern EuropeEU, euro, eurozone, European Parliament, Brussels
- trade blocsNAFTA, EU, ASEAN, USMCA, EEC
- trade organizationstrade association, trade bloc, chamber of commerce, trade commission, trade group
- EU Integrationeuro, EU membership, European Central Bank, free movement, single currency
economic unioneconomic isolation
Severing external trade ties
autarky · economic nationalism · protectionism · trade war · isolationism