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Economic union

{{Short description|Trading bloc with no internal barriers and common policies on regulation and trade}}

{{trading blocs}}

An economic union is a type of trade bloc which is composed of a common market with a customs union.{{Cite journal |last1=Gancia |first1=Gino |last2=Ponzetto |first2=Giacomo A. M. |last3=Ventura |first3=Jaume |date=2020-01-01 |title=A theory of economic unions |journal=Journal of Monetary Economics |series=SI:APR2019 CRN CONFERENCE |language=en |volume=109 |pages=107–127 |doi=10.1016/j.jmoneco.2019.11.007 |issn=0304-3932|doi-access=free |hdl=10230/45002 |hdl-access=free }} The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) as well as a common external trade policy. When an economic union involves unifying currency, it becomes an economic and monetary union.

The purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.

Economic union is established through trade pact.

List of economic unions

{{world economic integration}}

  • CARICOM Single Market and EconomyEstablished by the Treaty of Chaguaramas in force from 1973-8-1 [http://docsonline.wto.org/DDFDocuments/t/WT/REG/92rb1.doc WT/REG92/R/B/1] {{webarchive|url=https://web.archive.org/web/20090327013114/http://docsonline.wto.org/DDFDocuments/t/WT/REG/92rb1.doc |date=2009-03-27 }}
  • Central American Common Market - Common market since 1960, customs union since 2004.{{fact|date=July 2019}}
  • Eurasian Economic Union - Customs union since 2010, common market since 2012.{{fact|date=July 2019}}
  • European Union (EU) - Economic union of 27 European states, but only 20 are inside the Eurozone are also part of an economic and monetary union.Established by the Treaty of Rome in force from 1958-1-1. [http://docsonline.wto.org/DDFDocuments/t/WT/REG/138-2.doc WT/REG138/2] {{Webarchive|url=https://web.archive.org/web/20120112114129/http://docsonline.wto.org/DDFDocuments/t/WT/REG/138-2.doc |date=2012-01-12 }}
  • European Economic Area (EEA) - Economic area between European Union and EFTA member states (except Switzerland).
  • Gulf Cooperation Council[http://news.bbc.co.uk/2/hi/middle_east/7166549.stm Gulf states form common market], BBC News. Retrieved 20 June 2016.{{cite news |title=GCC customs union fully operational |url=http://thepeninsulaqatar.com/news/middle-east/314466/gcc-customs-union-fully-operational |access-date=20 June 2016 |publisher=The Peninsula |date=3 January 2015 |url-status=dead |archive-url=https://archive.today/20150118080233/http://thepeninsulaqatar.com/news/middle-east/314466/gcc-customs-union-fully-operational |archive-date=18 January 2015 }}
  • Mercosur

Note: Every economic and monetary union includes an economic union.

Additionally the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union, common market and currency union (or combinations thereof) with the mainland and in regards to third countries through the trade pacts signed by the mainland state.EU Overseas countries and some other territories participate partially in the EU single market per [http://eur-lex.europa.eu/en/treaties/dat/12002E/htm/C_2002325EN.003301.html part four of the Treaty Establishing the European Community]; Some EU Outermost regions and other territories use the Euro of the currency union, others are part of the customs union; some participate in both unions and some in neither.
Territories of the United States, Australian External Territories and Realm of New Zealand territories share the currency and mostly also the market of their respective mainland state, but are generally not part of its customs territory.

=Proposed=

See also

References

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External links

  • [http://internationalecon.com/Trade/Tch110/T110-2.php Economic Integration: Overview]

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Category:Economic integration

Category:Customs unions