customs union



Agreement between two or more (usually neighboring) countries to remove trade barriers, and reduce or eliminate customs duty on mutual trade. A customs union (unlike a free trade area) generally imposes a common external-tariff (CTF) on imports from non-member countries and (unlike a common market) generally does not allow free movement of capital and labor among member countries.

Use customs union in a sentence

  • You should know if there is a customs union before you decide to bring anything back from a country you traveled to.

    Was this Helpful?   (25)   (0)
  • The customs union was something good because it allowed barriers to be removed and I always liked when barriers fell.

    Was this Helpful?   (25)   (0)
  • The customs union was a partnership that allowed for mutually beneficial trading arrangements to take place which left each nation better off.

    Was this Helpful?   (25)   (0)
Show more usage examples...

Related Videos

Mentioned in these terms

Have a question about customs union? Ask for help in the
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z