Economic union
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An economic union is a type of
external trade policy. When an economic union involves unifying currency, it becomes an economic and monetary union
.
The purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.
Economic union is established through
trade pact
.
List of economic unions
SAFTA, USMCA)
- CARICOM Single Market and Economy[2]
- Central American Common Market - Common market since 1960, customs union since 2004.[citation needed]
- Eurasian Economic Union - Customs union since 2010, common market since 2012.[citation needed]
- European Union (EU) - Economic union of 27 European states, but only 20 are inside the Eurozone are also part of an economic and monetary union.[3]
- European Economic Area (EEA) - Economic area between European Union and EFTA member states (except Switzerland).
- Gulf Cooperation Council[4][5]
- Mercosur
Note: Every economic and monetary union includes an economic union.
Additionally the
trade pacts signed by the mainland state.[6]
Proposed
- African Economic Community (AEC) - proposed for 2023
- Andean Community (CAN)[7]
- Arab Customs Union and Common Market - proposed for 2020[8]
- CANZUK
- Central American Common Market(CACM)
- Closer Economic Relations of Australia and New Zealand
- East African Community (EAC) - extension of existing customs union proposed in 2015
- Economic Community of Central African States (ECCAS)
- Economic Community of West African States(ECOWAS)
- Southern African Development Community (SADC) - proposed in 2015
- Union of South American Nations (USAN)
See also
- List of multilateral free-trade agreements
- List of bilateral free-trade agreements
- Supranational union
References
- ISSN 0304-3932.
- ^ Established by the Treaty of Chaguaramas in force from 1973-8-1 WT/REG92/R/B/1 Archived 2009-03-27 at the Wayback Machine
- ^ Established by the Treaty of Rome in force from 1958-1-1. WT/REG138/2 Archived 2012-01-12 at the Wayback Machine
- ^ Gulf states form common market, BBC News. Retrieved 20 June 2016.
- ^ "GCC customs union fully operational". The Peninsula. 3 January 2015. Archived from the original on 18 January 2015. Retrieved 20 June 2016.
- 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.
- ^ Twelfth Andean Presidential Council Act of Lima Archived 2010-07-07 at the Wayback Machine
- ^ "Leaders set to approve Arab customs union". Archived from the original on 2015-04-02. Retrieved 2010-08-25.