Common / single market
European Union customs union and single market (EU)
The EU’s 27 member states form a customs union (since 1968) and a single market (since 1993) with a common external tariff and common trade policy. Founded by the Treaty of Rome (1957).
- Abbreviation
- EU
- Status
- In force
- Type
- Common / single market
- Scope
- Comprehensive (goods, services, investment and rules)
- Signed
- 1957
- In force since
- 1958
- Member countries
- 27
Key features
- Common external tariff applied to imports from non-members.
- Free movement provisions within the bloc (goods, services, people and/or capital to different degrees).
- Deep integration towards a single market, beyond tariff elimination.