Which of the following is true regarding Custom Unions?
i. A customs union is a type of trade bloc which is composed of a free trade area with a differential external tariff
ii. The participant countries can use different import quotas
iii. It is the third stage of economic integration
A customs union is a type of trade bloc which is composed of a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases, they use different import quotas. Common competition policy is also helpful to avoid competition deficiency Purposes for establishing a customs union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries. It is the third stage of economic integration. Customs unions are established through trade pacts. In a Customs union, partner countries may decide to trade at zero duty among themselves, however they maintain common tariffs against rest of the world. An example is Southern African Customs Union (SACU) amongst South Africa, Lesotho, Namibia, Botswana and Swaziland. European Union is also an outstanding example.
I didn’t realize how hurtful my words had been until I saw Sherrie’s expression, _________ with shock.
More vaccines are needed to ___________ our stocks.
Proper draping helps manage the ______ of a saree.
India’s policy ________ is _______ and rooted in political realism.
It is no ___________ that the disproportionate effect of this _________ regression in the Labour Code will _________ on Dalits and the landless.
Fill in the appropriate word from the option given below:
India is the second greatest __________ of rice in the world.
She knows everything there is to _________ about me, which makes her own secretiveness __________ frustrating.
Fill in the blanks with the appropriate antonym of the words highlighted from among the choices given below them.
John was haughty but his s...
She starts crying at the drop of a _________.
Arriva has operated _____ number of rail franchises in the UK since privatisation in 1996 though its subsidiary, Arriva UK Trains.