Question

A customs union is put in place to Blank______.Multiple choice question.create a separate external trade policy for each member countryinstigate political rivalry between member countriesregulate foreign trade policy among membersestablish trade barriers between member countries

Answer 1

A customs union is put in place to regulate foreign trade policy among members.

What is a custom union?

• A customs union is an agreement between two or more neighboring countries to reduce or eliminate trade barriers, customs duties, and quotas.
• Customs unions are established through trade pacts where the participant countries set up common external trade policy.

• The General Agreement on Tariffs and Trade (GATT) defined such unions as the third stage of economic integration.
• Customs cooperation between the EU and the United States (U.S.) began with a 1997 agreement and has since been expanded by a 2004 agreement, a 2011 Joint Statement on Supply Chain Security, and a 2012 decision on mutual recognition of trade partnership programs.

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