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The terms of the economic treaty, which came into effect 1 January 1958, provided for economic cooperation, reduction (and eventual removal) of customs barriers, and the free movement of capital, goods, and labour between the member countries, together with common agricultural and trading policies. Subsequent new members of the European Union have been obliged to accept these terms.
The flag was selected following a design competition. The waves represent the Pacific Ocean. Effective date: 12 July 1979.
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