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4.1.5 Trading blocs and the World Trade Organisation (WTO)
a) Types of trading blocs
customs unions
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what are Customs unions?
involves the removal of
tariff barriers
between members and the acceptance of a common external tariff against
non-members
.
what does custom unions mean?
members may negotiate as a single bloc with
third parties
such as other trading blocs or countries.
example of custom unions?
the
EU
or
Mercosur