REGNRSG 105 Lecture Notes - Lecture 4: Common External Tariff, Free-Trade Area, European Single Market
Document Summary
Single market: specific stage of economic integration between member states. Economic integration: arrangement by which countries agree to coordinate their trade and monetary policies. Free trade area: ms agreeing to remove all customs duties and quotas between themselves. Goods can move freely between the ms without limitations on quantity and without being subject to pecuniary charges (charges relating to payment of money) Each ms can impose own quotas and customs duties as regards countries outside the free trade area (defined as third countries) Customs union: introducing agreement between ms to impose common level of duty on goods from non-member countries. Common level of duty also known as common customs tariff. Internal market: further agreement between ms to remove restrictions on factors of production. Free movement of goods, persons, services and capital. Economic and monetary union: common market + unified monetary and fiscal policies (single currency; common policies on interest rates etc)
