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) as well as a common
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
*
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
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
(EU) - Economic union of 27 European states, but only 20 are inside the
Eurozone are also part of an
economic and monetary union.
*
European Economic Area (EEA) - Economic area between
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
and
EFTA member states (except Switzerland).
*
Gulf Cooperation Council
*
Mercosur
Note: Every
economic and monetary union includes an economic union.
Additionally the
autonomous and
dependent territories, such as some of the
EU member state special territories, are sometimes treated as separate
customs territory from their mainland state or have varying arrangements of formal or de facto
customs union,
common market and
currency union (or combinations thereof) with the mainland and in regards to third countries through the
trade pacts signed by the mainland state.
Proposed
*
African Economic Community (AEC) - proposed for 2023
*
Andean Community (CAN)
*
Arab Customs Union and Common Market - proposed for 2020
*
CANZUK
*
Central American Common Market (CACM)
*
Closer Economic Relations of
Australia
Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...
and
New Zealand
New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of isla ...
*
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
External links
Economic Integration: Overview
{{Trade
Economic integration
Customs unions