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Customs union

Members apply a common external tariff (e.g. the European Union).

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Related terms

customs union
Economy; International trade

Members apply a common external tariff (e.g. the European Union).

customs union
Economy; International economics

A group of countries that adopt free trade (zero tariffs and no other restrictions on trade) on trade among themselves, and that also, on each product, agree to levy the same ...

customs union
Agriculture; Agricultural programs & laws

An agreement between two or more countries to remove trade barriers between each other and to establish common tariff and nontariff policies with respect to other countries. The ...

customs union
Financial services; General Finance

An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade among members.

Southern African Customs Union (SACU)
Economy; International trade

An African customs union comprising Botswana, Lesotho, Namibia, South Africa and Swaziland.

Customs
Economy; International trade

The authorities designated to collect duties levied by a country on imports and exports. The term also applies to the procedures involved in such collection.

United Nations Center for International Trade Law (UNCITRAL)
Economy; International trade

An international body that drafts model laws such as the one on government procurement.

Uruguay Round
Economy; International trade

Multilateral trade negotiations launched at Punta del Este, Uruguay in September 1986 and concluded in Geneva in December 1993. Signed by Ministers in Marrakesh, Morocco, in April ...

variable levy
Economy; International trade

Customs duty rate which varies in response to domestic price criterion.

voluntary restraint arrangement (VRA)
Economy; International trade

Bilateral arrangements whereby an exporting country (government or industry) agrees to reduce or restrict exports without the importing country having to make use of quotas, ...

waiver
Economy; International trade

Permission granted by WTO members allowing a WTO member not to comply with normal commitments. Waivers have time limits and extensions have to be justified.

Washington Treaty
Economy; International trade

Treaty for the protection of intellectual property in respect of lay-out designs of integrated circuits.

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