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Economic union

February 15, 2024

An economic union is a type of trade bloc which is composed of a common market with a customs union.[1] 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 edit

 
Stages of economic integration around the World (each country colored according to the most integrated multilateral agreement that it participates in):
  Economic and monetary union (ECCU/XCD, Eurozone/EUR, Switzerland–Liechtenstein/CHF)
  Economic union (CSME, EAEU, EU, GCC, Mercosur, SICA)
  Common market (EEA–Switzerland)
  Customs and monetary union (CEMAC/XAF, UEMOA/XOF)
  Customs union (CAN, EAC, EUCU, SACU)
  Multilateral free-trade area (AANZFTA, ASEAN, CEFTA, CISFTA, COMESA, CPTPP, EFTA, GAFTA, PAFTA, RCEP, SADCFTA, SAFTA, USMCA)

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.[6]

Proposed edit

See also edit

References edit

  1. ^ Gancia, Gino; Ponzetto, Giacomo A. M.; Ventura, Jaume (2020-01-01). "A theory of economic unions". Journal of Monetary Economics. SI:APR2019 CRN CONFERENCE. 109: 107–127. doi:10.1016/j.jmoneco.2019.11.007. hdl:10230/45002. ISSN 0304-3932.
  2. ^ Established by the Treaty of Chaguaramas in force from 1973-8-1 WT/REG92/R/B/1 2009-03-27 at the Wayback Machine
  3. ^ Established by the Treaty of Rome in force from 1958-1-1. WT/REG138/2 2012-01-12 at the Wayback Machine
  4. ^ Gulf states form common market, BBC News. Retrieved 20 June 2016.
  5. ^ "GCC customs union fully operational". The Peninsula. 3 January 2015. Archived from the original on 18 January 2015. Retrieved 20 June 2016.
  6. ^ EU Overseas countries and some other territories participate partially in the EU single market per 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.
  7. ^ Twelfth Andean Presidential Council Act of Lima 2010-07-07 at the Wayback Machine
  8. ^ Leaders set to approve Arab customs union

External links edit

  • Economic Integration: Overview

February 15, 2024
economic, union, economic, union, type, trade, bloc, which, composed, common, market, with, customs, union, participant, countries, have, both, common, policies, product, regulation, freedom, movement, goods, services, factors, production, capital, labour, wel. An economic union is a type of trade bloc which is composed of a common market with a customs union 1 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 Contents 1 List of economic unions 1 1 Proposed 2 See also 3 References 4 External linksList of economic unions edit nbsp Stages of economic integration around the World each country colored according to the most integrated multilateral agreement that it participates in Economic and monetary union ECCU XCD Eurozone EUR Switzerland Liechtenstein CHF Economic union CSME EAEU EU GCC Mercosur SICA Common market EEA Switzerland Customs and monetary union CEMAC XAF UEMOA XOF Customs union CAN EAC EUCU SACU Multilateral free trade area AANZFTA ASEAN CEFTA CISFTA COMESA CPTPP EFTA GAFTA PAFTA RCEP SADCFTA SAFTA USMCA vteCARICOM Single Market and Economy 2 Central American Common Market Common market since 1960 customs union since 2004 citation needed Eurasian Economic Union Customs union since 2010 common market since 2012 citation needed 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 3 European Economic Area EEA Economic area between European Union and EFTA member states except Switzerland Gulf Cooperation Council 4 5 MercosurNote 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 6 Proposed edit African Economic Community AEC proposed for 2023 Andean Community CAN 7 Arab Customs Union and Common Market proposed for 2020 8 CANZUK Central American Common Market CACM Closer Economic Relations of Australia and New Zealand East African Community EAC extension of existing customs union proposed in 2015 Economic Community of Central African States ECCAS Economic Community of West African States ECOWAS Southern African Development Community SADC proposed in 2015 Union of South American Nations USAN See also editList of multilateral free trade agreements List of bilateral free trade agreements Supranational unionReferences edit Gancia Gino Ponzetto Giacomo A M Ventura Jaume 2020 01 01 A theory of economic unions Journal of Monetary Economics SI APR2019 CRN CONFERENCE 109 107 127 doi 10 1016 j jmoneco 2019 11 007 hdl 10230 45002 ISSN 0304 3932 Established by the Treaty of Chaguaramas in force from 1973 8 1 WT REG92 R B 1 Archived 2009 03 27 at the Wayback Machine Established by the Treaty of Rome in force from 1958 1 1 WT REG138 2 Archived 2012 01 12 at the Wayback Machine Gulf states form common market BBC News Retrieved 20 June 2016 GCC customs union fully operational The Peninsula 3 January 2015 Archived from the original on 18 January 2015 Retrieved 20 June 2016 EU Overseas countries and some other territories participate partially in the EU single market per 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 Twelfth Andean Presidential Council Act of Lima Archived 2010 07 07 at the Wayback Machine Leaders set to approve Arab customs unionExternal links editEconomic Integration Overview Retrieved from https en wikipedia org w index php title Economic union amp oldid 1181806338, wikipedia, wiki, book, books, library,

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