Free Trade Agreement


Also found in: Acronyms.

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 ?
The Trade Secretary said a new UK-US free trade agreement is the number one priority trade agreement for her department, and this point was welcomed by Ambassador Johnson.
Negotiating and signing exciting new free trade agreements is my top priority - and none are more important than with the United States.
He said Free Trade Agreement (FTA) negotiation was also continuing between Pakistan and Turkey and now the latter also agreed to give free market access to Pakistani textile products.
After signing of this agreement, Pakistan has a comprehensive Free Trade Agreement with China covering trade in goods, investments and trade in services.
Sri Lanka and India have been discussing an Economic and Technology Cooperative Agreement (ETCA) while China and Sri Lanka have had talks on a Free Trade Agreement.
Baig expressed his concern that in spite of Free Trade Agreement between both countries for the last 13 years, the trade between two countries is only $ 373 million out of which exports from Pakistan to Sri Lanka are $270 million and imports from Sri Lanka to Pakistan are $ 103, whereas in 2011 the trade volume was $512 million with exports of $ 442 million and imports was $ 70 million which shows a decline in trade volume between the two countries
Replying to another question, he said that Pakistan would get benefits of $ 200 million after signing the Free Trade Agreement (FTA) with Thailand and also enhancing the trade volume between both nations.
The CPTPP is an 11-country free trade agreement, making up approximately 13.4 percent of global GDP.
The seminar aimed to continuously update the business sector on how to avail itself of preferential tariffs when trading with countries where the Philippines has free trade agreements (FTAs) by complying with the rules of origin (ROO).
Speaking alongside Mrs May in Downing Street, the Australian PM said: "As Britain moves to completing its exit from the EU, we stand ready to enter into a free trade agreement with the UK as soon as the UK is able to do so.

On 13 May 2017, Georgia and China signed the free trade agreement to expand bilateral trade, BeijingEe's first-ever free trade agreement in the Eurasian region; The two countries launched the free trade agreement negotiations in March 2015.
* Bilateral Free trade Agreement with Ukraine these agreements give Macedonia duty free access to more than 650 million consumers.