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CUSTOMS UNION (C.U.)

Substitution of a single customs territory for two or more customs territories, so that duties and other restrictive regulations of commerce are eliminated on substantially all the trade between the constituent territories of the union. The same duties and other regulations of commerce are applied by each member of the union to the trade of territories not included in the union.

See also COMMON EXTERNAL TARIFF (CET or sometimes CXT) and NOT-ON-THE-WHOLE-HIGHER-OR-MORE-RESTRICTIVE CRITERION.