Regional Paper

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Title: Regional Paper

Essay Details:

Subject: Business

Author: Alex G

Date: May 26, 2013

Level: University

Grade: A

Length: 3 / 774

Essay text:

However, member nations are free to establish trade polices with non-member nations. In a customs union, barriers to free trade do not exist between member nations while the union establishes a common external policy for trade with non-member nations. Common markets do not have any barriers to trade, have a common external trade policy, and allow the free flow of resources between member nations. An economic union is similar to a customs union with the addition of a common currency, harmonization of tax rates, and common monetary and fiscal policies. An extension of the economic union, the political union, monitors and coordinates economic, social and foreign policies of the members of the union...

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