Examlex
Society's view of the ideal body:
Customs Union
An agreement between two or more countries to remove trade barriers and reduce tariffs among them, and to establish a common external tariff against other countries.
Common External Tariff
A uniform tariff rate adopted by a customs union or common market on imports from countries outside the union.
Free Trade Area
A region where member countries have agreed to reduce or eliminate trade barriers, such as tariffs and quotas, among themselves.
Dumping
The practice wherein an exporter sells products in a foreign state for less than the price charged for the same or comparable goods in the exporter’s home market.
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