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A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone, free-trade zone, export processing zone and maquiladora. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for ...
A multilateral free trade agreement is between several countries all treated equally, and creates a free trade area.Every customs union, common market, economic union, customs and monetary union and economic and monetary union is also a free trade area, and are not included below.
Hulu Klang Free Trade Zone (Statchippac, Texas Instrument) Kulim Hi-Tech Park, Kedah; Melaka Batu Berendam Free Trade Zone (Texas Instrument, Dominant Semiconductor, Panasonic) Pasir Gudang Free Trade Zone, Johor; Port Klang Free Zone, Klang, Selangor; Sungai Way Free Trade Zone (Western Digital, Free Scale, etc.)
A free trade zone is normally established in a single country, although there are a few exceptions where a free zone may cross a national border, such as the Syrian/Jordanian Free Trade Zone. [15] Free trade areas are set up between countries; for example, the Latin America Free Trade Association (LAFTA) was created in the 1960 Treaty of ...
Free trade agreements or free trade areas are listed as follows: List of multilateral free trade agreements; List of bilateral free trade agreements; See also.
States can unilaterally reduce regulations and duties on imports and exports, as well as form bilateral and multilateral free trade agreements. Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between ...
A second requirement stipulated by Article XXIV is that tariffs and other barriers to trade must be eliminated to substantially all the trade within the free-trade area. [12] Free trade agreements forming free-trade areas generally lie outside the realm of the multilateral trading system. However, WTO members must notify to the Secretariat when ...