Majandusliitude

Majandusliit is an Estonian term that translates to "economic union" or "economic association." It refers to an agreement between two or more countries to coordinate their economic policies and potentially create a common market or a customs union. The primary goal of such a union is to foster closer economic cooperation, facilitate trade, and promote economic growth among its members.

The formation of a majandusliit can take various forms, ranging from loose agreements on trade liberalization to more integrated structures like a common market where goods, services, capital, and labor can move freely. In some cases, a majandusliit may evolve into a monetary union with a single currency. The specific objectives and the level of integration depend on the willingness of the participating nations and their economic circumstances.

Historically, economic unions have been established to achieve economies of scale, increase competitiveness on the global stage, and provide greater economic stability to member states. They can also serve as a tool for political integration, although the focus of a majandusliit remains primarily economic. The European Union, for instance, began as an economic union and has since developed into a much deeper political and economic partnership. Estonia itself is a member of the European Union, which functions as a comprehensive economic union.