Final answer:
False, a Customs Union does not represent the most developed form of economic integration—this would be an Economic Union, such as the EU, which includes shared economic policies and oftentimes a common currency.
Step-by-step explanation:
The statement that a Customs Union represents the most fully developed form of preferential trade agreement among nations is false. While a Customs Union allows for the free movement of goods among member countries and implements a common external tariff on non-members, it is not the most comprehensive form of economic integration. Instead, an Economic Union like the European Union (EU) represents a more highly developed stage. An Economic Union integrates economic policies, allows for the movement of goods, labor, and capital, and often includes a common currency. Examples of trade agreements and initiatives include the USCMA/NAFTA, the EU, and TPP, as well as bilateral deals like those between the U.S. and China. These agreements vary in depth and scope, and while some aim to reduce trade barriers broadly, the WTO aims to facilitate global free trade and resolve disputes.