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Custom Union

Custom Union

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Published by kvisdoc

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Published by: kvisdoc on Sep 13, 2009
Copyright:Attribution Non-commercial

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09/20/2010

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CUSTOMS UNIONCUSTOMS UNION
 
A
customs union
is a is a type of trade blocwhich iscomposed of afree trade areawith acommon external tariff . The participant countries set up commonexternal tradepolicy, but in some cases they use different importquotas.Commoncompetition policyis also helpful to avoidcompetitiondeficiency.Purposes for establishing a customs union normally includeincreasingeconomic efficiencyand establishing closer political and cultural ties between the member countries.It is the third stage of economic integration.Customs union is established throughtrade pac
 
A
trade bloc
is a type of intergovernmental agreement,often part of a regionalintergovernmental organization,where regional barriers to trade (tariffsandnon-tariff barriers) are reduced or eliminated among theparticipating states
Trade Bloc
One of the first economic blocs was the GermanCustoms Union (
) initiated in 1834, formed onthe basis of theGerman ConfederationandsubsequentlyGerman Empirefrom 1871

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