A customs union is a free trade association that may have either eliminated or greatly reduced all tariffs and other trade restrictions for member countries and that has adopted

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A customs union is a free trade association that may have either eliminated or greatly reduced all tariffs and other trade restrictions for member countries and that has adopted common external tariffs on products imported from outside of the free trade area. A common currency, a central bank and common monetary policies are elements of a monetary union.

A Customs Union Is a Free Trade Association That May