free trade

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Related to Free-trade: Trade liberalization

Free Trade

The state in which there are few or no tariffs or other trade barriers discouraging international trade. For example, a country with a free trade policy does 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.

free trade

the EXPORT and IMPORT of goods and services between countries totally unhindered by restrictions such as TARIFFS and QUOTAS. In general, free trade leads to a higher level of economic welfare in so far as it favours the location of economic activities in those countries best suited to their production, resulting, through the trade mechanism, in worldwide consumption gains in the form of lower prices and greater product availability. See INTERNATIONAL TRADE, TRADE INTEGRATION, WORLD TRADE ORGANIZATION.

free trade

the INTERNATIONAL TRADE that takes place without barriers, such as TARIFFS, QUOTAS and FOREIGN EXCHANGE CONTROLS, being placed on the free movement of goods and services between countries. The aim of free trade is to secure the benefits of international SPECIALIZATION. Free trade as a policy objective of the international community has been fostered both generally by the WORLD TRADE ORGANIZATION and on a more limited regional basis by the establishment of various FREE TRADE AREAS, CUSTOM UNIONS and COMMON MARKETS.


References in periodicals archive ?
Specialists, lawyers and experts, who participated in the bill drafting, looked into international legislation on free-trade zones in details.
After the zones have been hard hit by the bad repercussions of the war waged against Syria since 2011, compounded by the unjust economic siege and sanctions imposed on the country, the government has been exerting relentless efforts to support and develop the free-trade zones to enable them to resume their activity.
Lee, who is in China on a five-day visit, told Singaporean journalists after an hourlong meeting Friday with Chinese Premier Wen Jiabao that bilateral free-trade talks will begin during a summit between the Association of Southeast Asian Nations and its three East Asian partners China, Japan and South Korea, which has been slated for November in the Laotian capital Vientiane.
But at least there is no public passion against free-trade deals during these good times.
Environmentalist groups: Say free-trade rules ignore the consequences for the environment.
This trilateral free-trade initiative is but the latest attempt to restore U.
The lesson of CBI is that the president must have the authority to negotiate free-trade agreements without the possibility of Congress micromanaging and amending the final version.
Eastman's remarks came in the midst of raucous protests at the Democratic National Convention in Los Angeles, where demonstrations against free-trade and the social dislocations that accompany globalization rallied under the banner of "Human Needs, Not Corporate Greed.
Latin America's free-trade bandwagon keeps rolling on.
It [NAFTA] will represent the most creative step toward a new world order taken by any group of countries since the end of the Cold War, and the first step toward an even larger vision of a free-trade zone for the entire Western Hemisphere.
PRESIDENT Bush has proposed establishing a free-trade area in the Middle East.
The current global trend is one in which the World Trade Organization (WTO) and bilateral free-trade agreements can exist at the same time,'' he said during a question-and-answer session after giving a speech in Singapore.