A customs union is the principal area of robust formal agreement between the Principality of Andorra and the European Union (EU). Andorra borders two EU member states: France and Spain. Customs Union The "Agreement between the European Economic Community and the Principality of Andorra" (signed 28 June 1990, entered into force 1 July 1991) establishes a customs union with most favoured nation status between the Principality and the EU. Andorra is treated as an EU state where trade in manufactured goods is concerned, but not for agricultural produce. There are full customs checks on the EU side of the border, as Andorra has low VAT and other indirect taxes, such as those for alcohol, tobacco and petrol, from which visitors might benefit. Euro Andorra has a monetary agreement with the EU allowing it to make the euro its official currency, and permitting it to issue euro coins as early as 1 July 2013. They planned to issue their first coins on 1 January 2014. However, EU approval was delayed until December 2013, and the first Andorran euro coins entered circulation in January 2015. Other agreements Two other agreements were signed in 2003/4. The first is a cooperation agreement covering the environment, communications, information, culture, transport, regional and cross-border co-operation and social issues. However this has seen few operational results so far. There is also a taxation of savings agreement which was signed following pressure from the EU on offshore financial centres to conform to EU standards. There is an agreement signed 2003 between France, Spain and Andorra on the movement and residence in Andorra of citizens of third States. It says that the three countries shall coordinate their visa requirements (in reality that Andorra follows the Schengen visa requirements) and that Andorra must accept entry only of those who have right of entry of Spain or France. Andorra is allowed to permit long stays for any person. Border controls Andorra has stayed outside the Schengen Agreement and maintains border controls with the EU. However, as travellers to Andorra have to pass through the Schengen Area, and Andorra does not require or issue any visas, entry requirements are in practice the same as in the Schengen area. Visitors to Andorra who require a visa to enter the Schengen area need a multi-entry Schengen visa, since to leave Andorra they must enter the Schengen area a second time. There are only two