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Free trade area
Removal of trade barriers between member nations
Free to set their own trade barriers on non member countries
USMCA
Customs union
Remove trade barriers between member countries
Common external tariff on non member countries outside trade bloc
EU
Common market
Remove trade barriers between member countries
Common external tariff on countries outside the trading bloc
Free movement of factors of production
European single market
Monetary union
Removal of trade barriers between member countries
Common external tariff on counties outside trading bloc Free
A common currency