An agreement that involves two or more countries that not only agree to eliminate tariffs and other trade restrictions on most or all mutual trade,but also agree to a common set of trade barriers to imports from non-member countries,is called a(n)

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A customs union not only eliminates tariffs and trade restrictions between member countries, but also establishes a common set of trade barriers for imports from non-member countries. A free trade area only eliminates tariffs and trade restrictions between member countries without establishing common trade barriers for non-member countries, while a common market involves the free movement of goods, services, capital, and labor between member countries. An economic and monetary union involves a common currency and monetary policy, while a political union involves a greater degree of political integration beyond just economic cooperation.

An Agreement That Involves Two or More Countries That Not