This approximates to zero tariffs, zero quotas and free trade within that vast common area.
Progress invites imitations.
Diverse Latin American countries wonder whether there might not evolve a free-trade customs union involving Brazil, Argentina, Venezuela, Colombia, Peru and Chile. These do not arise from subconscious bigotries of occidental snobbishness and resentment against rival races of color. When the euro was first discussed, I was one of the world experts who wrote critically about how imperfect it would likely work out to be. As an American patriot I did not fear that the euro's success might weaken U.S. well-being and growth prospects. My cold-blooded analysis calculated that America had little to lose, in the short and long run, if the euro takeoff did turn out to be highly successful for EMU members.