Economic union

An agreement between two or more countries that allows the free movement of capital, labor, and all goods and services, and involves the harmonization and unification of social, fiscal, and monetary policies.

Economic Union

A common market across more than one sovereign state with a united currency and the free exchange of capital and labor. This involves the transfer of a portion of sovereignty, especially control over monetary policy, to a central organization. Neo-Liberal economists, notably Ludwig von Mises and Friedrich von Hayek, consider an economic and monetary union the fifth stage of economic integration. The largest and most famous example of an economic union is the eurozone.

economic union

see TRADE INTEGRATION, ECONOMIC AND MONETARY UNION (EMU).

economic union

a form of TRADE INTEGRATION between a number of countries that provides not only the COMMON MARKET features of free trade and factor movements but also the unification of members’ general economic objectives in respect of economic growth, employment, etc., and the harmonization of monetary, fiscal and other policies. See ECONOMIC AND MONETARY UNION.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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References in periodicals archive

The European Union is the main buyer of products exported by the Eurasian Economic Union member states, holding 49.6% of all exports, Tazabek reports with reference to the Eurasian Economic Commission.

European Union main buyer of EAEU products

The extended format meeting of the Eurasian Intergovernmental Council with the participation of the heads of government of the Eurasian Economic Union member states took place in the Ruh Ordo Cultural Center (Cholpon-Ata, Issyk-Kul).

Eurasian Intergovernmental Council extended format meeting in Cholpon-Ata

I have noticed for a decade and more that Eurosceptics are wont to repeat the mantra that in 1975 when we voted by 17 million to eight million to stay in the European community that we were merely voting for an economic union.

Inconsistency in argument

"The Eurasian Economic Union is interested in the expansion of trade ties with the Islamic Republic of Iran," Abdurazakov said in a meeting with local officials in Iran's North Khorassan province in Northeastern Iran on September 30.

Iran, Kyrgyzstan Resolute to Expand Bilateral Ties

The Eurasian Economic Union (EAEU) is an economic union, which includes Armenia, Kazakhstan, Russia, Belarus, Kyrgyzstan.

Kazakhstan to export electricity to other EAEU members

Perhaps carried away by the exuberance of the moment or under the influence of the views of the Indo-US lobby, Prime Minister Imran Khan, at the groundbreaking ceremony of the Kartarpur corridor, asked with reference to India, 'If France and Germany can move ahead while making (economic) union, why can't we?' The question, which was obviously based on the assumption of the desirability of a Pakistan-India economic union, reflected woeful ignorance of the rationale, necessary preconditions, dynamics, and the economic and political consequences of regional economic integration.

Economic union with India?

Egypt's Minister of Trade and Industry Tarek Kabil attends an agreement signing ceremony at the El-Thadiya presidential palace in Cairo, Egypt October 5, 2016 - REUTERS/Amr Abdallah Dalsh CAIRO -- 23 May 2018: Trade exchange between Egypt and Eurasian Economic Union (EAEU) reached $6.9 billion in 2017, Minister of Industry and Foreign Trade Tarek Kabil said Wednesday.

Trade exchange bet. Egypt, Eurasian Economic Union hits $6.9B in 2017

Iran is ready to make tariff concessions on a wide range of products, excluding wheat, refined oil, mineral water and cigarettes, within a free trade zone it is eager to join called the Eurasian Economic Union.

Iran offers duty concessions

Bishkek, Shawwal 09, 1437, July 14, 2016, SPA -- German Chancellor Angela Merkel called on Thursday for an end to tensions with Russia and for boosting ties between the European Union and the Russia-led Eurasian Economic Union after years of conflict between the EU and Moscow over Ukraine.

Germany's Merkel wants better EU ties with Russia-led economic bloc

ISLAMABAD -- Ministry of Commerce in consultation with Ministry of Foreign Affairs is reaching out to Eurasian Economic Union (EEU) to initiate a dialogue for free trade agreement.

Pakistan wants competitive market access in EEU

On May 29 there is the first anniversary since the leaders of three states, the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation, signed the historical document on the formation of the Eurasian Economic Union.

Rule of law as a fundamental principle in the work of the Eurasian economic union