ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Moving beyond a Free Trade Area, a Customs Union represents a deeper level of economic integration. In addition to removing internal trade barriers, member countries of a Customs Union adopt a unified external trade policy. This means they agree on common tariffs and trade policies towards non-member countries, creating a unified trade front. This level of integration helps to prevent trade diversion and fosters a more unified economic area. An example of a Customs Union is:
A) European Union
B) NAFTA (now USMCA)
C) East African Community (EAC)
D) ASEAN 

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