Getting your head around Brexit jargon – CNBC

Getting your head around Brexit jargon – CNBC

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This means that countries agree to apply the same tariffs to goods from outside the European Union, which makes their shipping from one country to the other much easier and quicker. Members do not negotiate trade agreements with other countries.

It does not apply to agricultural goods or services.

A customs union also means some contributions to the EU budget and a few regulations from the ECJ. However, in the specific case of the U.K. it would allow the border between Northern Ireland and Ireland to remain open.

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