Customs Union. Member States of each regional economic community agree to progressively establish among them during a transitional period specified in Article 6 of this Treaty, a Customs Union involving:
(a) The elimination, among Members States of each regional economic community, of customs duties, quota restrictions, other restrictions or prohibitions and administrative trade barriers, as well as all other non-tariff barriers; and
(b) The adoption by Member States of a common external customs tariff.
Customs Union. A customs union is hereby established between the European Economic Community and the Republic of San Marino for products covered by Chapters 1 to 97 of the Common Customs Tariff, except products falling within the scope of the Treaty establishing the European Coal and Steel Community.
Customs Union. Trade between the GCC member States will be conducted within the framework of a customs union that will be implemented no later than the first of January 2003. It shall include, at a minimum, the following:
i. A common external customs tariff (CET).
ii. Common customs regulations and procedures.
iii. Single entry point where customs duties are collected.
iv. Elimination of all tariff and non-tariff barriers, while taking into consideration laws of agricultural and veterinarian quarantine, as well as rules regarding prohibited and restricted goods.
v. Goods produced in any Member State shall be accorded the same treatment as national products.
Customs Union. Member States agree to progressively establish between them during a transitional period, as specified in Article 6 of this Treaty, a Customs Union involving:
Customs Union. Article 20 The Parties confirm that their aspiration to ensure finalization of the Customs Union formation is based on the functioning of the free trade regime, gradual establishment of the unified procedure of foreign trade activity regulation and fulfilment of commitments, proceeding from principles and provisions of agreements on Customs Union.
1. The Parties create the Customs Union as a trade and economic union in accordance with universally recognized international standards and rules, which shall possess: - single customs territory; - common customs tariff; - regime not allowing any tariff or non-tariff restrictions (licensing, quotation) in mutual trade with exception of cases provided by this Agreement; - simplification and further abrogation of customs control on internal customs borders; - unified mechanisms of economy and trade regulation based on universal market principles of business and harmonized economic legislation; - governing bodies; - single customs policy and application of unified customs regimes.
2. On the stage of forming the Customs Union the Integration Committee shall be its executive body.
1. Upon fulfilment of the terms provided by the Article 21 goods having been imported from the third countries to the single customs territory and released for free circulation in one of the member states shall not be limited in movement through the internal customs borders.
2. The Parties shall unify regulations and rules of customs clearance and control with respect to the goods originating from the third countries and sign relevant documents on simplification and further abrogation of customs clearance and control on the internal customs borders.
3. When carrying out customs clearance of goods moved by individuals through internal borders of the Customs Union the Parties shall follow the Protocol on Simplified Procedure of Customs Clearance of 22 January 1998 and shall abrogate customs clearance and customs control of goods on the internal customs borders later on. With these purposes the Parties shall sign relevant documents.
1. The Parties shall establish by additional understandings time framework of finalizing the Customs Union formation taking into account universally acknowledged international standards and rules.
2. While establishing trade regimes with third countries the Parties shall ensure preferential regime to each other by means of exception from the most favoured nation regime in favor of the Parties forming the Customs Uni...
Customs Union. A customs union shall be established between the European Economic Community and Andorra for the products covered by Chapters 25 to 97 of the Harmonized System in accordance with the procedure and conditions set out under this Title.
Customs Union see CU – Countervailing duties are actions taken by the importing country, usually in the form of increased duties, measures to offset subsidies given to producers or exporters in the exporting country (not in Use for the GATS).
Customs Union. It is a free trade agreement, wherein countries will have a common external tariff schedule to import from other countries. For example; India, Sri Lanka and Myanmar decides that they have common external tariff schedules to deal with China, say 12%. For the purposes of this agreement, a customs territory shall be understood to mean any territory with respect to which separate tariffs or other regulations of commerce are maintained for a substantial part of the trade of such territory with other territories.
Customs Union. The customs union is a more advanced degree at the level of the integration mechanism than the free trade area. Article 24 of xxx Xxx defined it as "the solutions of one customs territory in place of two or more territories, when these solutions lead to the disqualification of customs rights and trade restrictions between the constituent territories of the Union, and so when the rights of customs and other regulations applied by members of the Union in the face of foreign territories become uniform and applicable." The customs union is characterized at the internal level by the removal of customs rights and trade regulations between its constituent territories, while at the external level. by creating a customs tariff. A common trading system towards foreign countries and in a briefer way can be said that the customs union is equal to the free trade area as well as a common tariff against the outside world. (X. Xxxxxxx, 1973)
Customs Union. Member countries of a customs union remove trade barriers among themselves and adopt common external trade barriers. Contd……… ■ Economic Union : An economic union is one of the different types of trade blocs. It refers to an agreement between countries that allows products, services, and workers to cross borders freely. The union is aimed at eliminating internal trade barriers between the member countries, with the goal of economically benefitting all the member countries. ■ Full Integration : The full integration of member countries is the final level of trading agreements. Benefits of Regional Trading Agreements/ FTA
■ 1. Boosts Economic Growth: Member countries benefit from trade agreements, particularly in the form of generation of more job opportunities , lower unemployment rates, and market expansions. Also, since trade agreements usually come with investment guarantees, investors who want to invest in developing countries are protected against political risk.