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 ?
All the above must be supported by coordination services, given the number of actors involved with DG Taxation and Customs Union IT systems (contractors, national administrations, Commission DGs and agencies, etc.
The customs union is not an ordinary free trade agreement; it is one of the cornerstones of the EU.
A senior officer with the central bank, said, 'We are discussing this issue within the Customs Union and it would be interesting to implement this project together with our partners from Kazakhstan and Belarus.
Al Bustani said that the application of the GCC Customs Union since 2003 has positively boosted inter-GCC and foreign trade, and contributed to removing a slew of hindrances facing inter-GCC trade.
The Authority is also assigned to complete the requirements of the GCC Customs Union, and authorize the GCC Financial and Economic Cooperation Committee to adopt its system, aiming at enhancing the cooperation march in the GCC countries, and move from the cooperation phase to the union phase.
ABU DHABI: 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.
There is consensus over the customs union and even there is a unified GCC law on customs,' GCC assistant secretary general for economic affairs Mahammed Al Mazroui said at the end of a GCC finance ministers' meeting on Saturday.
Following a series of recent meetings with the GCC's economic and foreign ministers in Jeddah, GCC Secretary-General Abdulrahman Al Attiyah said there were still some outstanding differences on the customs union.
Amman, March 31 (Petra) - Minister of Industry and Trade Amer Hadidi highlighted on Wednesday the importance of establishing the Jordanian-Egyptian Customs Union, which will form the nucleus of the Arab Customs Union in the framework of the Arab League.
ISTANBUL, Feb 19, 2010 (TUR) -- The Turkish chief EU negotiator said on Friday that Turkey's Customs Union agreement with EU should be reviewed.
LONDON, September 27 /PRNewswire/ -- LogicaCMG today announces that it has been awarded a 14 million Euro contract over five years by the European Commission (EC) to support the Taxation and Customs Union Directorate General in the quality assurance and quality control of all IT projects.
It is well known from Kemp and Wan (1976) that under customs union an increase in group welfare can occur without affecting that of the rest of the world whenever the common external tariff is positioned in a way so as to offset exactly the terms of trade and export quantity effects felt by it.