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Economic union
An
economic union
is a type of
trade bloc
which is composed of a
common market
with a
customs union
. The participant countries have both common policies on product regulation,
freedom of movement
of
goods
,
services
and the
factors of production
(
capital
and
labour
) and a common
external trade
policy. When an
economic union
involves unifying currency it becomes a
economic and monetary union
.
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