Examlex
Which of the following best describes the process of color processing.
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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