A customs union is a type of trade bloc which is composed of a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases, they use different import quotas. Common competition policy is also helpful to avoid competition deficiency Purposes for establishing a customs union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries. It is the third stage of economic integration. Customs unions are established through trade pacts. In a Customs union, partner countries may decide to trade at zero duty among themselves, however they maintain common tariffs against rest of the world. An example is Southern African Customs Union (SACU) amongst South Africa, Lesotho, Namibia, Botswana and Swaziland. European Union is also an outstanding example.
Match the following:
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India is known as home of _________
Bitter pit in Apple is due to the deficiency of _________
Portray are related to ______
Cutting of pseudostem after harvesting to facilitate mobilization of nutrients from mother plant to developing ratoon plant in banana is known as _____.
Powdery mildew is a major disease of which fruit crops?
Which fruit is also known as "Poor man orange" ?
Forking in carrot is observed, it occurs due to _____
The primary reason behind the bitterness in brinjal?
Which test is used for testing the significance of mean differences?