1. A supranational organization comprised of member states that have unified economic policies, including common tariffs, free trade agreements, and coordinated fiscal or monetary policies.
The European Union is a prime example of an economic union that combines multiple national economies into a single market.
A União Europeia é um exemplo claro de uma união econômica que combina múltiplas economias nacionais em um único mercado.
2. An agreement between countries to eliminate trade barriers and coordinate economic regulations while maintaining separate political systems.
The economic union between the two nations reduced tariffs and facilitated cross-border investment.
A união econômica entre as duas nações reduziu tarifas e facilitou investimento transfronteiriço.