customs union

  

Definition

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.

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  • The customs union was something good because it allowed barriers to be removed and I always liked when barriers fell.

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  • The customs union was a partnership that allowed for mutually beneficial trading arrangements to take place which left each nation better off.

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