What Is The Meaning Of Guild Restrictions And Custom Union?
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Answer:custom union:A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff. Customs unions are established through trade pacts where the participant countries set up common external trade policy. Common competition policy is also helpful to avoid competition deficiency.
Guild Restrictions:Guild, also spelled gild, an association of craftsmen or merchants formed for mutual aid and protection and for the furtherance of their professional interests. Guilds flourished in Europe between the 11th and 16th centuries and formed an important part of the economic and social fabric in that era.
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