by A customs and monetary union are a type of trade bloc which is composed of a customs union and a currency union. The participant countries have both common external trade policy and share a single currency. Customs and monetary union are established through trade pact.
A customs union is a group of countries that abolish tariffs and import quotas between member nations and also adopt a common external tariff on imports from non-member countries. A monetary union is a group of countries that agree to share a common currency e.g., the Euro and operate with a common monetary and exchange rate policy.
Additionally, the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union, common market and currency union (or combinations thereof) with the mainland and in regards to third countries through the trade pacts signed by the mainland state.
Proposed
- 2012 East African Community (EAC)
- 2018 Common Market for Eastern and Southern Africa (COMESA)
- Economic Community of Central African States (ECCAS)
- Economic Community of West African States (ECOWAS)
- Gulf Cooperation Council
- 2023 African Economic Community (AEC)
List of customs and monetary unions
- Economic and Monetary Union of the European Union (1999/2002) with the Euro for the Eurozone members
- de facto San Marino – European Union
- de facto Andorra – European Union
- de facto Monaco – European Union
- de facto Switzerland–Liechtenstein
- de facto the OECS Eastern Caribbean Currency Union with the East Caribbean dollar in the CSME (2006)
- Economic and Monetary Community of Central Africa (CEMAC)
- West African Economic and Monetary Union (UEMOA)
- de facto the Common Monetary Area (CMA) in the Southern Africa Customs Union (SACU)
