Theoretical basis of the customs union as a perfect form of free trade area within intercountry cooperation research
Keywords:
custom union, free trade area, free trade, the trade effectsAbstract
The custom union is a form of collective protection with regard to third countries, contributes to the development of national economies and is the second stage of the international economic integration. The article studies the customs union as a completed form of free trade area. Customs union includes the features of free trade area. We focus on the history of the custom unions emergence and their features, effecting creation. The notion of free trade area is given together with the comparative analysis of customs union and free trade areas. The article studies the operation and prospects of the existence of a custom unions in the world economy.
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