Which of the following organizations started as a customs union but transformed into a common market?
A)European Union
B)NAFTA
C)EFTA
D)Southern Common Market

Question

Quizplus · Accepted Answer

The European Union (EU) started as a customs union with the establishment of the European Economic Community (EEC) in 1957. Over time, it transformed into a common market with the establishment of the Single Market in 1993, which eliminated trade barriers and allowed for the free movement of goods, services, capital, and people among its member states. NAFTA (B) is a free trade area, EFTA (C) is currently a free trade association, and the Southern Common Market (D) (also known as Mercosur) is a customs union among its member countries in South America.

Which of the Following Organizations Started as a Customs Union