Definition of customs union in English:
A group of countries that have agreed to charge the same import duties as each other and usually to allow free trade between themselves.
- Yet nineteenth-century free-trade experiments across nation-states were short-lived, while early customs unions were specific to regions within nation states.
- Various free trade agreements and customs unions had existed between individual European countries during the nineteenth and early twentieth centuries.
- Trade experts have expressed concern over the economic implications duo membership in customs unions for countries that have duo membership in the regional bodies such as SADC and COMESA.
Definition of customs union in:
- British & World English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Australia
Most popular in Malaysia