Customs Union means a common customs territory which, on the basis of an international agreement with one or several states or groups of states, is replacing two or several customs territories and within the bounds of which it is agreed to abolish customs duties and other measures of restriction of foreign trade in goods originating from the common customs territory, in respect of virtually the entire trade in such goods within the bounds of that customs territory, except for the possibility of applying, if need be, the said measures in instances specified under Articles 21, 32, 38 and 39 of the present Federal law. Moreover, each participant in the customs union shall apply identical customs duties and other measures of regulation of foreign trade in goods with third countries;
Customs Union means the East African Community Customs Union established by Article 2 of this Protocol;
Customs Union means the East African Community Customs Union established by Article 2 of the Protocol on the Establishment of the East African Community Customs Union;
Examples of Customs Union in a sentence
Stern, Computational Analysis of the U.S. FTA With the Southern African Customs Union (SACU).
The UK remained in the EU Customs Union and in the Single Market with all four freedoms.
The Customs Union acquis consists almost exclusively of legislation which is directly binding on the Member States and does not require transposition into national law.
In any event, such an agreement would create a relationship which in terms of market access conditions will be very different from the United Kingdom’s participation in the internal market,5 in the EU Customs Union, and in the VAT and excise duty area.
The EU and Turkey welcomed the ongoing work on the upgrading of the Customs Union.
More Definitions of Customs Union
Customs Union means a form of trade and economic integration of the Member States envisaging a common customs territory, within which no customs duties (other duties, taxes and fees having equivalent effect), non- tariff regulatory measures, safeguard, anti-dumping and countervailing measures shall be applied to the mutual trade, while applying the Common Customs Tariff of the Eurasian Economic Union and common measures regulating foreign trade with a third party;
Customs Union means the East African Community Customs Union established under Article 2 of the EACCU Protocol;
Customs Union means the East African Community Customs Union established under article 2 of the Protocol;
Customs Union means the East African Community Customs Union;
Customs Union. In addition to an agreement to lower or remove trade barriers, members establish a common system of tariffs against nonmem- bers (common external tariff). Example: The Andean Common Market, MERCOSUR. Common Market: A common market includes all the elements of a cus- toms union and allows free movement of labor and capital among member nations. Example: The European common market achieved common mar- ket status in 1970. Economic Union: Economic union goes beyond a common market and requires members to harmonize and/or unify monetary and fiscal poli- cies of member states. Example: Benelux, which includes Belgium, The Netherlands, and Luxembourg, formed in the 1920s and also forms part of the EU; the European Union. trade diversion often leading to substantial welfare losses, (2) they create lobbies and interest groups against multilateral trade liberalization, and
Customs Union means a Union constituted by and composed of Members of the World Customs Organization(WCO), of the United Nations or its specialized agencies, which has competence to adopt its own legislation that is binding on its Members, in respect of matters governed by the Convention to which it wishes to accede, and has competence to decide, in accordance with its internal procedures, to sign, ratify or accede to that international instrument.