Economic Unions - Explained
What are Economic Unions?
Written by Jason Gordon
Updated at March 23rd, 2023
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What are Economic Unions?
An economic union is a type of trade block composed of common market and a customs union.
The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labor) as well as a common external trade policy.
The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labor) as well as a common external trade policy.
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