customs union

customs union
An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade among members. Bloomberg Financial Dictionary
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The merger of two or more customs territories with the effect that (Art. XXIV GATT and Art. 23 EC Treaty) EU Customs Glossary
• customs duties and non-tariff barriers are eliminated between the members of the union for substantially all trade, and EU Customs Glossary
• a common customs tariff and common rules for non-tariff barriers are introduced for substantially all trade with non-member countries. EU Customs Glossary

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customs union ˈcustoms ˌunion noun [countable usually singular] COMMERCE
an agreement between two or more countries to reduce or stop customs duty on goods traded between them:

• There will be a customs union, free trade in goods and services, and free movement of labour, money and capital.

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customs union UK US noun [C] ECONOMICS, COMMERCE
► an agreement between two or more countries to reduce or remove any taxes on goods traded between them, and to charge the same taxes on goods imported from other countries: agree/form a customs union »

The three countries have formed a customs union to promote trade.


Financial and business terms. 2012.

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Look at other dictionaries:

  • customs union — one of the main ways in which the European Union seeks to achieve a common market. It involves two major steps: (1) the prohibition of customs duties and measures having equivalent effect; (2) the adoption of a common external tariff against the… …   Law dictionary

  • customs union — n. a union of nations that agree to eliminate customs restrictions among members and to follow a common tariff policy toward all other nations …   English World dictionary

  • Customs union — World trade A series on Trade …   Wikipedia

  • customs union — an association of independent nations or tariff areas created to remove customs barriers between them and to adopt a uniform tariff policy toward nonmember nations. * * * Trade agreement by which a group of countries charges a common set of… …   Universalium

  • Customs Union — The Customs Territories of the European Union ( EU), Turkey, San Marino and Andorra. The unions between the European Union and these countries enable most goods in free circulation to move freely between them without the need to claim import duty …   Financial and business terms

  • Customs union — An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade among members. The New York Times Financial Glossary * * * customs union ˈcustoms ˌunion noun [countable usually singular] COMMERCE an… …   Financial and business terms

  • customs union — noun an association of nations to promote free trade within the union and set common tariffs for nations that are not members • Hypernyms: ↑union • Hyponyms: ↑Benelux * * * ˈcustoms union 7 [customs union] no …   Useful english dictionary

  • Customs Union —   An economic structure whereby states agree to belong to a single tariff aream with no customs duties between them. The EC customs union was largely in place by 1968 …   Glossary of the European Union and European Communities

  • Customs Union of Belarus, Kazakhstan and Russia — Customs Union of Russia, Belarus and Kazakhstan …   Wikipedia

  • customs union — A union of two or more states to form a region in which there are no import or export duties between members but goods imported into the region bear the same import duties. The European Union is an example …   Big dictionary of business and management

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