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A free trade area is an agreement formed by a group of like-minded countries that agree to reduce trade barriers, such as tariffs and quotas, among others.
The OECD defines a free trade area as a group of “countries within which tariffs and non-tariff trade barriers between the members are generally abolished but with no common trade policy toward non-members”.
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.
What is a Free Trade Area? A Free Trade Area (FTA) is a region in which countries have signed free trade agreements to keep trade obstacles to a minimum. Generally, such agreements involve cooperation between two countries but can involve more members.
A free trade area (FTA) refers to a specific region wherein a group of countries signs a trade agreement that seals the economic cooperation among them. The FTA’s main goals are to bring down barriers in trading, specifically tariffs and import quotas, and encourage the free trade of goods and services among its member countries.
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, [1] [2] [3] [4] the opposite of free trade.
Free trade is the unrestricted importing and exporting of goods and services between countries. The opposite of free trade is protectionism—a highly-restrictive trade policy intended to eliminate competition from other countries.