customs union

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Related to customs union: Common Market, Economic union

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.

customs union


customs union

a form of TRADE INTEGRATION between a number of countries in which members eliminate all trade barriers (TARIFFS, etc.) amongst themselves on goods and services, and establish a uniform set of barriers against trade with the rest of the world, in particular a common external tariff. The aim of a customs union is to secure the benefits of international SPECIALIZATION AND INTERNATIONAL TRADE, thereby improving members’ real living standards. See GAINS FROM TRADE, TRADE CREATION, EUROPEAN UNION, MERCOSUR.
References in periodicals archive ?
I cannot understand the mess around the decision to access the Customs Union.
Crucially, membership of the Customs Union gives the UK access to over 50 countries outside the EU.
He continued: "The customs arrangements at the moment are hardwired into the membership treaty so I think everybody now recognises there's going to have to be a new treaty - it will do the work of the customs union.
The document stipulates that any member state of the CIS, which is not a member state of the Customs Union, may submit the request for elimination of technical barriers in mutual trade in respect to certain products of the Eurasian Economic Commission,
So we realize that Turkey has gone through a process of transformation in the economic area and has become a producer for the EU and global markets after the customs union came into effect.
The plan would include a payment system that extends across the customs union of Russia, Belarus and Kazakhstan.
account that both the establishment of the Customs Union and the plans to establish Eurasian Union are already fundamental changes,
Summary: The UAE is eager to see the full launch of the GCC Customs Union by early 2015 after the removal of all hiccups.
Turkey and the European Union have asked the World Bank to prepare a report on the functioning of the Customs Union scheme after the issue has heated up with a possible EU-US trade deal.
Al Khiliwi pointed out that Their Majesties, and Highnesses the GCC States Leaders had decided in their thirty second meeting held in Riyadh in December 2011 to establish an authority for the Customs Union to start its tasks from the first of June 2012.
Summary: Gulf Arab countries plan to resolve all outstanding issues about their customs union over the next three years in order to have it fully operational by 2015, a top United Arab Emirates official said Saturday.
The Customs Union is the territory wherein customs duties "taxes" as well as regulations and procedures restricting trade among member States are abolished and wherein unified taxes and trade and customs regulations for trade with the non-member States are implemented.