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customs union |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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And the Gulf region as a whole is doing its best to offset the historical lack of intraregional trade through the creation of a customs union and various regional economic committees. This customs union agreement, which Turkey signed back in 1995, requires that it be updated to include all new EU members since. Between 1990, the year before Mercosur was created, and 1995, the first year its customs union took effect, intra-Mercosur exports increased by an average 26% a year. |
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