Definition: A customs union is a formal relationship between a group of country’s designed to do two main things: it removes tariffs-duties paid on particular imports or exports-between members and it sets up a common external tariff to non-members. The common external tariff means that, generally, the same tariff is charged wherever a member imports goods from outside the customs union.
Summary: The article I chose to discuss covers a proposal by the European Commission to launch an ambitious project to modernize border controls over the coming decade, in order to facilitate trade, improve safety and compliance checks, and reduce the administrative burden for companies. The so-called EU Single Window Environment for Customs aims to enhance cooperation and coordination between different authorities (European Union, 2020).
Discussion: Different agreements are created among different nations. Trading blocs develop in progressive stages; this is determined by the degree of economic integration, varying from the least to the greatest integration. These stages, in order of intensity of integration, are free trade agreement, custom union, common market, economic union, and political union. Custom Union is the second stage of regional economic integration and its purposes are twofold: to increase economic efficiency and to establish closer political and cultural ties between signatory nations (Satterlee, 2018, pg. 165). The EU Customs Union celebrated its 50th anniversary in 2018, it has helped to protect Europeans and keep trade flowing across borders, however it needs strengthening. In her political guidelines, President von der Leyen announced that the Customs Union needed to be taken to the next level, in particular, by ensuring an integrated European approach to customs risk management, which supports effective controls by EU Member States, the purposed action plan will do just that (European Union, 2020). Although my article only briefly touches on the effects the Corona virus it does highlight the importance of having a streamline process that will be able to meet new challenges related to digitalization and e-commerce, such as new forms of fraud emerge (European Union, 2020). This proposed “Single Window” will make it easier for legitimate businesses to complete their border formalities in one single portal. The goal is to allow for more collaborative processing, sharing and exchange of information and better risk assessment for customs authorities.
Belgium: Customs Union: New Action Plan to further support EU customs in their vital role of protecting EU revenues, prosperity and security. (2020). MENA Report, http://ezproxy.liberty.edu/login?qurl=https%3A%2F%2Fwww.proquest.com%2Fdocview%2F2447376587%3Faccountid%3D12085
European Union: Customs Union – Commission proposes new ‘Single Window’ to modernize and streamline customs controls, facilitate trade and improve cooperation. (2020, Nov 02). Asia News Monitor http://ezproxy.liberty.edu/login?qurl=https%3A%2F%2Fwww.proquest.com%2Fdocview%2F2456261047%3Faccountid%3D12085
Petroff, A. (2018, February 26). What is a Customs Union? CNNMoney. https://money.cnn.com/2018/02/26/news/economy/customs-union-brexit/index.html
Satterlee, B.C. (2018). International Business with Biblical Worldview. Brian C. Saterlee.
Stojanovic, A. (2020, February 18). Customs Union. The Institute for Government. https://www.instituteforgovernment.org.uk/explainers/customs-union
- Post a substantive reply to the thread of at classmate. A substantive reply includes at least 150 words analyzing the initial thread as well as adding to the research and concepts put forth in that thread. The goal is to create meaningful discussion. To simply restate the idea already put forth or to concur with the first reply is not adding substantial discussion. That is why it is good to do additional outside research. Please complete in APA format. Please include one referenc and 1 bible verse.