However, member nations are free to establish trade polices with non-member nations. In a customs union, barriers to free trade do not exist between member nations while the union establishes a common external policy for trade with non-member nations. Common markets do not have any barriers to trade, have a common external trade policy, and allow the free flow of resources between member nations...
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Common markets do not have any barriers to trade, have a common external trade policy, and allow the free flow of resources between member nations. An economic union is similar to a customs union with the addition of a common currency, harmonization of tax rates, and common monetary and fiscal policies...
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Regional Trade Blocs (2006). Why are tariffs preferable to quotas? About.com. Retrieved on May 12, 2006, from website: http://economics.about.com/cs/taxpolicy/a/tariffs_quotas...	1 / 259
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