Customs and Monetary Union
Encyclopedia
An customs and monetary union is a type of trade bloc
which is composed of a customs union
and a currency union
. The participant countries have both common external trade policy and share a single currency
.
Customs and monetary union is established through trade pact
.
has also an Customs and Monetary 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 trough the trade pact
s signed by the mainland state.
Trade bloc
A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where regional barriers to trade, are reduced or eliminated among the participating states.-Description:...
which is composed of a customs union
Customs union
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...
and a currency union
Currency union
A currency union is where two or more states share the same currency, though without there necessarily having any further integration such as an Economic and Monetary Union, which has in addition a customs union and a single market.There are three types of currency unions:#Informal - unilateral...
. The participant countries have both common external trade policy and share a single currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
.
Customs and monetary union is established through trade pact
Trade pact
A trade pact is a wide ranging tax, tariff and trade pact that often includes investment guarantees. The most common trade pacts are of the preferential and free trade types are concluded in order to reduce tariffs, quotas and other trade restrictions on items traded between the signatories.-By...
.
List of customs and monetary unions
Every Economic and monetary unionEconomic and monetary union
An economic and monetary union is a type of trade bloc which is composed of an economic union with a monetary union. It is to be distinguished from a mere monetary union , which does not involve a common market. This is the fifth stage of economic integration...
has also an Customs and Monetary Union
- Economic and Monetary Community of Central Africa (CEMAC)
- West African Economic and Monetary Union (UEMOA)
- de-facto the Common Monetary AreaCommon Monetary AreaThe Common Monetary Area links South Africa, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union . Namibia automatically became a member upon independence, but withdrew with the introduction of the Namibian dollar in 1993...
(CMA) in the Southern Africa Customs Union (SACU) - de-facto San Marino - European UnionMicrostates and the European UnionThere are a number of microstates in Europe; due to their size, they are often closely linked with another larger state. Currently, the European microstates have special relations with the European Union....
- de-facto Andorra - European UnionMicrostates and the European UnionThere are a number of microstates in Europe; due to their size, they are often closely linked with another larger state. Currently, the European microstates have special relations with the European Union....
- de-facto Monaco - European UnionMicrostates and the European UnionThere are a number of microstates in Europe; due to their size, they are often closely linked with another larger state. Currently, the European microstates have special relations with the European Union....
Additionally the autonomous and dependent
Dependent territory
A dependent territory, dependent area or dependency is a territory that does not possess full political independence or sovereignty as a State, and remains politically outside of the controlling state's integral area....
territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory
Customs territory
A customs territory is a territory with individual customs regulations.The most common type of customs territory is the sovereign state and the others are the Trade bloc that has a customs union; and the autonomous or dependent territory that has independence in foreign trade and customs...
from their mainland state or have varying arrangements of formal or de-facto customs union
Customs union
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 market and currency union
Currency union
A currency union is where two or more states share the same currency, though without there necessarily having any further integration such as an Economic and Monetary Union, which has in addition a customs union and a single market.There are three types of currency unions:#Informal - unilateral...
(or combinations thereof) with the mainland and in regards to third countries trough the trade pact
Trade pact
A trade pact is a wide ranging tax, tariff and trade pact that often includes investment guarantees. The most common trade pacts are of the preferential and free trade types are concluded in order to reduce tariffs, quotas and other trade restrictions on items traded between the signatories.-By...
s signed by the mainland state.
Proposed
- 2012 East African CommunityEast African CommunityThe East African Community is an intergovernmental organisation comprising the five east African countries Burundi, Kenya, Rwanda, Tanzania, and Uganda. Pierre Nkurunziza, the President of the Republic of Burundi, is the current Chairman of the East African Community. The EAC was originally...
(EAC) - 2018 Common Market for Eastern and Southern AfricaCommon Market for Eastern and Southern AfricaThe Common Market for Eastern and Southern Africa, is a free trade area with nineteen member states stretching from Libya to Zimbabwe. COMESA formed in December 1994, replacing a Preferential Trade Area which had existed since 1981...
(COMESA) - Economic Community of Central African StatesEconomic Community of Central African StatesThe Economic Community of Central African States is an Economic Community of the African Union for promotion of regional economic co-operation in Central Africa...
(ECCAS) - Economic Community of West African StatesEconomic Community of West African StatesThe Economic Community of West African States is a regional group of fifteen West African countries. Founded on 28 May 1975, with the signing of the Treaty of Lagos, its mission is to promote economic integration across the region....
(ECOWAS) - Gulf Cooperation Council