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Concept
Economic union
Summary
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.
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 economic and monetary union.
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.
Official source
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