European Union (EU): The EU is an economic and political union of 27 member countries located primarily in Europe. It plays a significant role in shaping policies related to trade, migration, and other areas affecting its member states.
Article 50: Article 50 is a provision in the Treaty on European Union that outlines the process for a member state to withdraw from the EU. It sets a two-year timeline for negotiations between the withdrawing country and the EU.
Customs Union: A customs union is an agreement between multiple countries to eliminate tariffs on goods traded among them while maintaining common external tariffs towards non-member countries.