customs union

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customs union

n.
An international association organized to eliminate customs restrictions on goods exchanged between member nations and to establish a uniform tariff policy toward nonmember nations.

customs union

n
(Economics) an association of nations which promotes free trade within the union and establishes common tariffs on trade with nonmember nations
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.customs union - an association of nations to promote free trade within the union and set common tariffs for nations that are not members
union - a political unit formed from previously independent people or organizations; "the Soviet Union"
Benelux - a customs union comprising Belgium and Netherlands and Luxembourg
References in periodicals archive ?
duties of the Customs Unions regarding some types of products.
The relevant issues of further development of the Customs Union and the Single Economic Space were considered at the
Kyrgyzstan will join Belarus-Kazakhstan-Russia Customs Union in case this is beneficial for the country, Kyrgyz Prime Minister Daniar Usenov told reporters yesterday.Being WTO member state, Kyrgyzstan has a right to join any customs unions, including the customs union of Belarus, Kazakhstan and Russia.
Customs unions are usually analysed by comparing a particular customs union equilibrium with some arbitrarily given tariff equilibrium.
It is well known from Kemp and Wan (1976) that under customs union an increase in group welfare can occur without affecting that of the rest of the world whenever the common external tariff is positioned in a way so as to offset exactly the terms of trade and export quantity effects felt by it.
"Trade Diverting Customs Unions and Welfare Improvement: A Clarification," Economic Journal, 81, September 1976, pp.
"The Theory of Customs Unions: A General Survey," Economic Journal, 70, September 1960, pp.
It has been known that making a non-preferential tariff reduction is always superior to joining a customs union (Cooper and Massell, 1965].
Country B is the other member of the customs union and country C is the non-member country, representing the rest of the world.
It has been known that the welfare of a tariff-imposing country could increase, decrease, or remain the same after it joins a customs union. The outcome depends on the welfare-reducing trade diversion effect and welfare-improving trade creation effect of the customs union |Bhagwati, 1971; Chacholiades, 1990; Lipsey, 1960~.
Suppose that country A imposes a tariff before it forms a customs union with country B.