free trade area

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Free Trade Zone

An area, especially consisting of two or more countries, in which there are few or no tariffs or other trade barriers discouraging international trade. For example, the countries in a free trade zone do not subsidize 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. For example, Canada, Mexico and the United States form a free trade zone because they are all members of NAFTA.
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free trade area

see TRADE INTEGRATION.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

free trade area

a form of TRADE INTEGRATION between a number of countries in which members eliminate all trade barriers (TARIFFS, etc.) among themselves on goods and services but each continues to operate its own particular barriers against trade with the rest of the world. The aim of a free trade area is to secure the benefits of international SPECIALIZATION and INTERNATIONAL TRADE, thereby improving members’ real living standards. The EUROPEAN FREE TRADE ASSOCIATION (EFTA) is one example of a free trade area. See GAINS FROM TRADE, NORTH AMERICAN FREE TRADE AGREEMENT, MERCOSUR, ASIAN PACIFIC ECONOMIC COOPERATION, ASSOCIATION OF SOUTHEAST ASIAN NATIONS.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
'Since the establishment of ECOWAS in 1975 with the purpose of promoting regional cooperation and economic integration, the commission has been making concerted efforts, aimed at enabling free trade areas and common market.
As the priority now shifts towards fast-tracking its implementation, capacity building including targeted practical training of users in the public and private sectors and building on existing regional free trade areas will assist the process.
From the war until 1973, we lived in free trade areas. We had no problems; we had agreements with USA, Commonwealth, and many other countries including, as I recall, EFTA (European Free Trade Area) Norway, Sweden and Denmark.
Trade Commissioner Karel De Gucht will travel to Moldova and Georgia, on 27-28 February, to launch negotiations on deep and comprehensive free trade areas (DCFTAs) with both countries as part of broader association agreements that are currently being negotiated.
These free trade areas will be part of the Association Agreement, under negotiation with Georgia and Moldova since July 2010 and January 2010, respectively, in the framework of the Eastern Partnership and the European Neighbourhood Policy.
The three existing free trade areas - of which the EAC is the most advanced - have failed to meet intra-trade targets despite removing the bulk of trade tariffs.
Head of the Syrian Organization for Free Trade Areas Abdul Hakim Kaddah was quoted by the paper as saying that the organization has introduced "unlimited facilities for investment in free trade areas in Syria in a bid to increase investment in the country." He added that there are over 11 free trade areas in the country, distributed between Damascus, Aleppo, the Damascus International Airport, among other Syrian regions.
Available in print and in e-book format, it includes an overview of the status of negotiations of non-preferential rules of origin under the WTO agreement on rules of origin and examines preferential rules of origin, both under unilateral trade instruments like GSP, EBA and AGOA and in free trade areas. It carries an analysis of the experience of the U.S.
Summary: Trade Minister El Hachemi Djaaboub said Thursday Algeria's integration into the various free trade areas was still in an embryonic state.
Free trade areas and customs unions are often called preferential trade agreements.
(ENI)--Churches in North America, one of the world's biggest free trade areas, have decided to devote more attention to fighting for a just system of global trade.