Free Trade Agreement


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Free Trade Agreement

An agreement between two or more countries that reduces or eliminates most trade restrictions between the participants. For example, a free trade agreement may abolish subsidies to favored industries in order to make them less expensive compared to international competitors. Proponents of free trade argue that it is more economically efficient and helps consumers by promoting competition to keep prices low. Critics contend that free trade is detrimental to local jobs, especially in the developed world. NAFTA is a major (and controversial) example of a free trade agreement. In particular, NAFTA allowed for the more or less free importation and exportation of agricultural products and textiles.
References in periodicals archive ?
Fonterra has welcomed today s announcement in Brussels that Prime Minister John Key will begin discussions on a Free Trade Agreement with the European Union.
Bilateral Free trade Agreement with Ukraine these agreements give Macedonia duty free access to more than 650 million consumers.
BRUSSELS, Feb 18 (KUNA) -- The European Union Monday announced that "informal contacts " between the European Union and Gulf Cooperation Council negotiators on a free trade agreement continue to take place.
The Shura Council yesterday approved the formation of the zone in line with the Free Trade Agreement signed between both parties in June 2009.
The zone will be established in line with the Free Trade Agreement signed between both parties in June 2009.
free trade agreement could boost growth on both sides by 1 percent to 3 percent.
Writing primarily for business people, corporate in-house counsel, and customs brokers and bankers, Glick (chairman, International Trade and Customs Law Committee of the Administrative Law and Regulatory Practice Section of the American Bar Association) updates his primer, intended to assist business and legal planning, on the North American Free Trade Agreement.
ANKARA, Mar 21, 2011 (TUR) -- The Turkish foreign trade minister said on Sunday that the free trade agreement to be signed by Turkey and Colombia would constitute a remarkable opportunity for Turkish export products to enter the Latin American market.
Summary: Grains exporter Canada and Morocco, among the region's top wheat importers, on Thursday announced the start of negotiations for a free trade agreement, Morocco's official media reported.
Chile took another step toward developing a free trade agreement with Arab nations of the Persian Gulf, as the Chilean president and Kuwait's prime minister signed several diplomatic and economic agreements Tuesday.
He added: "The free trade agreement is all about the elimination of tariffs which are stumbling blocks for the freer flow of goods and services between countries in the international community.
This relationship solidifies both companies as the leading providers of free trade agreement solutions for the South Korean market.