Customs and Monetary Union


Customs and Monetary Union
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An customs and monetary union is a type of trade bloc which is composed of a customs union and a currency union. The participant countries have both common external trade policy and share a single currency.

Customs and monetary union is established through trade pact.

List of customs and monetary unions

Stages of economic integration around the World:
(each country colored according to the most advanced agreement that it participates into.)
  Economic union (CSME, EU)
  Customs and Monetary Union (CEMAC/franc, UEMOA/franc)
  Common market (EEA, EFTA)
  Customs union (CAN, CUBKR, EAC, EUCU, MERCOSUR, SACU)
  Multilateral Free Trade Area (AFTA, CEFTA, COMESA, GAFTA, GCC, NAFTA, SAFTA, SICA, TPP)

Every Economic and monetary union has also an Customs and Monetary Union

Additionally the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de-facto customs union, common market and currency union (or combinations thereof) with the mainland and in regards to third countries trough the trade pacts signed by the mainland state.[5]

Proposed

Notes

  1. ^ Enforced since 1999-6-24 WT/COMTD/N/13
  2. ^ Enforced since 2000-1-1 WT/COMTD/N/11/Add.1
  3. ^ Andorra uses the Euro without formal EU agreement
  4. ^ Monaco is partially participating in the EU single market
  5. ^ EU Overseas countries and some other territories participate partially in the EU single market per part four of the Treaty Establishing the European Community; Some EU Outermost regions and other territories use the Euro of the currency union, others are part of the customs union; some participate in both unions and some in neither.
    Territories of the United States, Australian External Territories and Realm of New Zealand territories share the currency and mostly also the market of their respective mainland state, but are generally not part of its customs territory.
  6. ^ Extension of CEMAC to the rest of the ECCAS members.
  7. ^ Extension of UEMOA customs union to the rest of the ECOWAS members and merger with the WAMZ.

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