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Review:

Customs Union

overall review score: 4.2
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

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Last updated: Sat, Mar 1, 2025, 10:26:52 AM UTC