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Review:

Customs Unions

overall review score: 4.2
score is between 0 and 5
Customs unions are agreements between two or more countries to remove tariffs on goods traded between them and establish a common external tariff for imports from non-member countries.

Key Features

  • Elimination of tariffs on goods traded between member countries
  • Establishment of a common external tariff for imports from non-member countries
  • Increased trade and economic cooperation among member countries

Pros

  • Promotes trade and economic growth among member countries
  • Reduces barriers to trade by eliminating tariffs within the union
  • Facilitates coordination on trade policies and regulations

Cons

  • Loss of sovereignty in setting trade policies independently
  • Complex negotiations to reach agreements among member countries
  • Potential for disputes over distribution of tariff revenues

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Last updated: Sun, Feb 2, 2025, 05:09:25 PM UTC