A customs union is similar to a FTA, but you also agree to set identical tariffs on imports. For example, if we are in the EUCU and they decide to set a 6.9% tariff on Chinese blivets, we also have to set a 6.9% tariff on Chinese blivets.
I guess I missed that part out, the “Pan-Euro-Mediterranean Convention” mentioned here appears to be a synonym for the European Union-Mediterranean Free Trade Area
A customs union is similar to a FTA, but you also agree to set identical tariffs on imports. For example, if we are in the EUCU and they decide to set a 6.9% tariff on Chinese blivets, we also have to set a 6.9% tariff on Chinese blivets.
And this? If the EU decides to set import tarrifs of Chinese solar panels does this force it’s members to do the same?
So what are the advantages of being in this vs the EUCU? I am assuming the EUCU has better perks but more rules?
I guess I missed that part out, the “Pan-Euro-Mediterranean Convention” mentioned here appears to be a synonym for the European Union-Mediterranean Free Trade Area
Don’t we already have a FTA with the EU? Oh I’m so confused now.