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Customs Union |
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Customs union An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade among members. Customs Union A market with the free movement of goods, services, labor, and capital between two or more jurisdictions. For example, even though Texas and Oklahoma are different places with different governments and regulations, the two have a customs union because workers do not need permission to move between them and one may transfer money between them without incurring any tariffs or fees. Most often, however, a customs union refers to a union between two or more countries, not regions within the same country. For example, the European Union is a customs union. See also: Free trade. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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