Customs Union

Pronunciation: /ˈkʌstəmz ˈjuːnjən/

Definitions of customs union

noun a group of countries that have agreed to eliminate tariffs and other trade barriers between themselves, and to adopt common external tariffs on goods from countries outside the union

Example Sentences

A1 A customs union is a group of countries that have agreed to eliminate tariffs on trade between themselves.

A2 The European Union is an example of a customs union where member countries can trade with each other without tariffs.

B1 Being part of a customs union can help countries increase trade and economic cooperation with their neighbors.

B2 Negotiating trade deals outside of a customs union can be more challenging due to differing tariff policies.

C1 The benefits of a customs union include a larger market for goods and services, leading to increased economic growth.

C2 Customs unions often have common external tariffs, which means they apply the same duties to goods imported from outside the union.

Examples of customs union in a Sentence

formal The two countries agreed to form a customs union to facilitate trade between them.

informal Joining the customs union will make it easier for us to buy and sell goods with our neighboring countries.

slang Being part of the customs union means we can avoid all the hassle of import and export paperwork.

figurative In a way, being in a customs union is like being part of a big club where everyone helps each other out with trade agreements.

Grammatical Forms of customs union

• plural: customs unions
• present tense: customs union
• future tense: will be customs union
• perfect tense: have been customs union
• continuous tense: is being customs union
• singular: customs union
• positive degree: customs union
• infinitive: to form a customs union
• gerund: forming a customs union
• participle: customs unionized

Origin and Evolution of customs union

First Known Use: 0015 year

Language of Origin: Latin

Story behind the word: The concept of a customs union originated in Europe during the Middle Ages as a way to facilitate trade and economic cooperation among neighboring regions.

Evolution of the word: The term 'customs union' has evolved to refer to a specific type of trade agreement where member countries agree to eliminate tariffs and quotas on goods traded among them, while maintaining a common external tariff on goods from non-member countries.