Abstract
A customs union consists of two or more countries which have no tariff barriers between themselves and a common tariff against the rest of the world. There are variants which involve a greater or lesser degree of economic integration. A free trade area has no common external tariff; a union with free movement of production factors, particularly of labour, is often called a common market.
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Hazlewood, A. (2018). Customs Unions. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_459
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DOI: https://doi.org/10.1057/978-1-349-95189-5_459
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