Customs Union 3
Customs Union 3 : An agreement between two or more countries to remove trade barriers with each other and to establish common tariff and nontariff policies with respect to imports from countries outside of the agreement The European Community is the most well-known example The two primary trade effects of a customs union are: (a) trade creation -- the shift from consumption of domestic production toward consumption of member imports and (b) trade diversion -- the shift from trade with non-member countries in favor of trade with member countries
No records Found