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A customs union is a higher level preferential trade agreement than a free trade area, because it accomplishes everything a free trade area does, but
A customs union is a higher level preferential trade agreement than a free trade area, because it accomplishes everything a free trade area does, but it also establishes common external barriers to trade allows for free movement of factors of production creates a single currency harmonizes social policy
A customs union is a higher level preferential trade agreement than a free trade area, because it accomplishes everything a free trade area does, but it also
establishes common external barriers to trade
allows for free movement of factors of production
creates a single currency
harmonizes social policy
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