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What is the customs union?

A customs union is a trading area in which tariffs between member countries have been abolished and a single, common tariff is applied for trade with countries outside the customs union.
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What is the difference between a customs union and the customs union?

The difference is essentially the range and depth of co-operation that exists in terms of trading goods. Read this fact to find out more.
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What is a free trade agreement?

Free trade agreements reduce barriers to trade between two or more countries by reducing or eliminating tariffs and import quotas.
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Why does the UK have to pay the EU money to leave?

When the UK negotiated its exit from the EU, it agreed to honour the financial commitments it had made as a member state while ending any further commitments.
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What is the Brexit divorce bill?

This is the amount of money that the UK agreed to pay to settle outstanding liabilities that had built up during its EU membership.
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What is ‘Passporting’?

Passporting is a term used in the context of financial services. Find out more in this fact written by the UK in a Changing Europe.
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What is an equivalence agreement?

An equivalence agreement refers to a financial services agreement negotiated between the EU and a third country, which recognises the regulations of the third country as compliant with, and equivalent to, the EU’s own.
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What is a mixed agreement?

A mixed agreement refers to an agreement between the EU and a third country that touches both on powers, or competences, exclusive to the EU and on those exclusive to EU member states.
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Is Norway in the customs union?

Norway is part of the EU’s single market (it is a member of the European Economic Area), but it is not part of the customs union.
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What is the single market?

The single market is the unified market encompassing all EU member states. Read this fact to find out more about the single market.
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What is the European Free Trade Association?

The European Free Trade Association (EFTA) is a free trade area comprising Iceland, Liechtenstein, Norway and Switzerland.
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How important is the EU market to UK trade?

The EU is by far the UK’s most important trading partner. Exports to the EU made up 43% of the UK’s total exports in 2019.
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