A comprehensive analysis of the term 'union' in economic contexts, including customs union, payments union, and trade union
The tariff charged on trade with non-members by all countries in a customs union or common market, often referring to the external tariff of the European Union.
An explanation of the Common External Tariff (CET), a component critical in trade and economic integrations among countries.
A fully integrated market area with freedom of trade, labour, and capital mobility among member countries.
A trade agreement by which a group of countries allow free trade among themselves while maintaining a common external tariff on trade with non-members.
The effect of a customs union in creating or increasing trade between member countries, resulting in economic welfare improvements.
The economics term 'trade diversion,' highlighting its meaning, historical context, and analytical frameworks.
