Question: A customs union is a higher level preferential trade agreement than a free trade area, because it accomplishes everything a free trade area does, but

A customs union is a higher level preferential trade agreement than a free trade area, because it accomplishes everything a free trade area does, but it also

establishes common external barriers to trade

allows for free movement of factors of production

creates a single currency

harmonizes social policy

A customs union is a higher level preferential trade agreement than

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