Simplify the following text for a Grade 10 native English-speaking person.
Original: The treaty establishing the Benelux Economic Union ( Benelux Economische Unie\/Union Ã conomique Benelux ) was signed on February 3 , 1958 and came into force on November 1 , 1960 to promote the free movement of workers , capital , services , and goods in the region . Under the Treaty the Union implies the co-operation of economic , financial and social policies .
Simplified: It ceased to exist on November 1 , 1960 , when it was replaced by the Benelux Economic Union after a treaty signed in The Hague on February 3 , 1958 .