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Home > QFINANCE Dictionary > Definition of customs union

Definition of

customs union

International Trade

agreement allowing goods to cross borders without duties an agreement between several countries that goods can travel between them without duty being paid, while goods from other countries are subject to duties

Recommended Further Reading (Term count)
customs union - Related Articles
  • Electronic Invoicing in the European Union

    Best Practice

    Electronic invoicing involves the replacement of manual paper-based routines with new integrated systems and processes. Expected benefits include the creation of integrated supply chains which are more cost-effective, less error-prone, faster, and simpler to manage. Other benefits include improved customer care (typically, as the joint EBA/Innopay report, “E-invoicing 2008,” points out, nearly half of customer queries relate to invoicing) as well as improved risk management
    By Hansjörg Nymphius

  • Liechtenstein

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    the Confederation dissolved. Until the end of World War I, it was closely tied to Austria, but the economic devastation caused by that conflict forced Liechtenstein to enter into a customs and monetary union with Switzerland. Since World War II (in which Liechtenstein remained neutral), the country’s low taxes have

  • Portugal

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    Portugal is part of the EU customs union. Decisions regarding quotas or customs suspensions to be applied to goods imported into Portugal are currently taken at a European level.

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Definitions of ’customs union’ and meaning of ’customs union’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’customs union’ and other financial terms with our online QFINANCE Financial Dictionary.

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