Review:
Customs Union
overall review score: 4.2
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score is between 0 and 5
A customs union is an agreement between two or more countries to remove trade barriers, such as tariffs, among themselves and to adopt common external trade policies towards non-member countries.
Key Features
- Removal of internal trade barriers
- Common external trade policies
- Shared external tariffs
Pros
- Promotes economic integration and cooperation among member countries
- Reduces administrative burdens for companies exporting within the union
- Enhances market access and competitiveness
Cons
- Loss of sovereignty over trade policy decisions
- May lead to unequal benefits for member countries