Customs union


 

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Customs union

A group of countries that adopt free trade (zero tariffs and no other restrictions on trade) on trade among themselves, and that also, on each product, agree to levy the same tariff on imports from outside the group. Equivalent to an FTA plus a common external tariff.

Customs union

An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade among members.



Customs union

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The government department which collects customs and excise duties and VAT.


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An import tariff.


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An agency of the Treasury Department charged with enforcing laws relative to imports.


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An individual or firm licensed by customs authorities to enter and clear imported goods through customs. The broker represents the importer in dealings with the customs authorities.


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The government official who monitors goods moving across a national border and levies tariffs.


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