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If a common external tariff is added, then a customs union has been created. An advanced level of regional economic integration, ideally with a common external tariff, common rules and free circulation of goods and services within the region, is important for a mutually beneficial bi-regional free trade agreement (FTA). To this end, a regional trade liberalization scheme has been adopted for the creation of a free trade area by the end of 1999, and a study is under way for the adoption of a common external tariff. |
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