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Economic Union
An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) and a common external trade policy. When an economic union involves unifying currency it becomes an economic and monetary union. 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 * CARICOM Single Market and Economy * Central American Common Market - Common market since 1960, customs union since 2004. * Eurasian Economic Union - Customs union since 2010, common market since 2012. * European Union - Economic union between all EU member states, but those of them inside the Eurozone are also part of an econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Bloc
A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states. Trade blocs can be stand-alone agreements between several states (such as the North American Free Trade Agreement) or part of a regional organization (such as the European Union). Depending on the level of economic integration, trade blocs can be classified as preferential trading areas, free-trade areas, customs unions, common markets, or economic and monetary unions. Use Historic trading blocs include the Hanseatic League, a Northern European economic alliance between the 12th and 17th centuries, and the German Customs Union, formed on the basis of the German Confederation and subsequently the German Empire from 1871. Surges of trade bloc formation occurred in the 1960s and 1970s, as well as in the 1990s after the collapse of Communism. By 1997, more than 50% o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a ''sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Territories Of The United States
Territories of the United States are sub-national administrative divisions overseen by the federal government of the United States. The various American territories differ from the U.S. states and tribal reservations as they are not sovereign entities. In contrast, each state has a sovereignty separate from that of the federal government and each federally recognized Native American tribe possesses limited tribal sovereignty as a "dependent sovereign nation". Territories are classified by incorporation and whether they have an "organized" government through an organic act passed by the Congress. American territories are under American sovereignty and, consequently, may be treated as part of the United States ''proper'' in some ways and not others (i.e., territories belong to, but are not considered to be a part of, the United States). Unincorporated territories in particular are not considered to be integral parts of the United States, and the Constitution of the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union Customs Union
The European Union Customs Union (EUCU), formally known as the Community Customs Union, is a customs union which consists of all the member states of the European Union (EU), Monaco, and the British Overseas Territory of Akrotiri and Dhekelia. Some detached territories of EU states do not participate in the customs union, usually as a result of their geographic separation. In addition to the EUCU, the EU is in customs unions with Andorra, San Marino and Turkey (with the exceptions of certain goods), through separate bilateral agreements.Customs unions, Taxation and Customs Union European Commission. Retrieved 20 August 2016. There are no |
Euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . The euro is divided into 100 cents. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro. As of 2013, the euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. , with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in ci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overseas Countries And Territories
The special territories of members of the European Economic Area (EEA) are the 32 special territories of EU member states and EFTA member states which, for historical, geographical, or political reasons, enjoy special status within or outside the European Union and the European Free Trade Association. (Switzerland, a member of EFTA but not of the EEA, does not have any special territories). The special territories of EU member states are categorised under three headings: nine Outermost Regions (OMR) that form part of the European Union, though they benefit from derogations from some EU laws due to their geographical remoteness from mainland Europe; thirteen Overseas Countries and Territories (OCT) that do not form part of the European Union, though they cooperate with the EU via the Overseas Countries and Territories Association; and ten special cases that form part of the European Union (with the exception of the Faroe Islands), though EU laws make ''ad hoc'' provisions. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). There are three types of currency unions: * ''Informal'' – unilateral adoption of a foreign currency. * ''Formal'' – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime. * ''Formal with common policy'' – establishment by multiple countries of a common monetary policy and monetary authority for their common currency. The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Advantages and disadvantages Implementing a new ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customs Territory
A customs territory is a geographic territory with uniform customs regulations and there are no internal customs or similar taxes within the territory. Customs territories may fall into several types: * A sovereign state, including a federation * A trade bloc that has a customs union * An autonomous or dependent territory There are also some unregulated lands (usually uninhabited) not part of any customs territory. As of 2010, most customs unions rarely operate as a single entity and are represented in relations with other customs territories either jointly by their member state governments and the union institutions or by only the member states. Thus, in practice, they rarely appear as a single customs territory and instead they operate as a multiple separate customs territories that have the same or similar customs tariffs. The European Union (EU) is the only trade bloc in which the union institutions have exclusive competence over the common external tariff and thus sign ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Member State Territories And The European Union
The special territories of members of the European Economic Area (EEA) are the 32 special territories of EU member states and EFTA member states which, for historical, geographical, or political reasons, enjoy special status within or outside the European Union and the European Free Trade Association. (Switzerland, a member of EFTA but not of the EEA, does not have any special territories). The special territories of EU member states are categorised under three headings: nine Outermost Regions (OMR) that form part of the European Union, though they benefit from derogations from some EU laws due to their geographical remoteness from mainland Europe; thirteen Overseas Countries and Territories (OCT) that do not form part of the European Union, though they cooperate with the EU via the Overseas Countries and Territories Association; and ten special cases that form part of the European Union (with the exception of the Faroe Islands), though EU laws make ''ad hoc'' provisions. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dependent Territory
A dependent territory, dependent area, or dependency (sometimes referred as an external territory) is a territory that does not possess full political independence or sovereignty as a sovereign state, yet remains politically outside the controlling state's integral area. A dependent territory is commonly distinguished from a country subdivision by being considered not to be a constituent part of a sovereign state. An administrative subdivision, instead, is understood to be a division of a state proper. A dependent territory, conversely, often maintains a great degree of autonomy from its controlling state. Historically, most colonies were considered to be dependent territories. The dependent territories that currently remain in the world today generally maintain a very high degree of political autonomy. Not all autonomous entities, though, are considered to be dependent territories. Most inhabited dependent territories have their own ISO 3166 country codes. Some political enti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Autonomous Areas By Country
This list of autonomous areas arranged by country gives an overview of autonomous areas of the world. An autonomous area is defined as an area of a country that has a degree of autonomy, or has freedom from an external authority. It is typical for it to be geographically distant from the country, or to be populated by a national minority. Countries that include autonomous areas are often federacies. The autonomous areas differ from federal units and independent states in the sense that they, in relation to the majority of other sub-national territories in the same country, enjoy a special status including some legislative powers, within the state (for a detailed list of federated units, see federated state). This list includes areas that are internationally recognized, as well as some that are generally unrecognized., The definition of an ''autonomous area'' varies from country to country, so the native term as defined by the respective country's government is listed, and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercosur
The Southern Common Market, commonly known by Spanish abbreviation Mercosur, and Portuguese Mercosul, is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994. Its full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela is a full member but has been suspended since 1 December 2016. Associate countries are Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Suriname. Mercosur's origins are linked to the discussions for the constitution of a regional economic market for Latin America, which go back to the treaty that established the Latin American Free Trade Association in 1960, which was succeeded by the Latin American Integration Association in the 1980s. At the time, Argentina and Brazil made progress in the matter, signing the Iguaçu Declaration (1985), which established a bilateral commission, which was followed by a series of trade agreements the following year. The Integration, Cooperation and Develo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
