Suppose country X and country Z enter into a trade agreements. Suppose the trade agreement features the following characteristics:
Trade barriers are substantially reduced between X and Z
X and Z agree to a common set of barriers to impose against non-members
Based on this information, what type of trade agreement have the two countries most likely entered into?
A) A Common Market
B) An Economic Union
C) A Free Trade Agreement/Area
D) A Custom Union

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