Study notes
Free Trade Agreements
- Levels: AS, A Level, IB
- Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC
A free trade area (FTA) is where there are no import tariffs or quotas on products from one country entering another.
Examples of free trade areas include:
- EFTA: European Free Trade Association consists of Norway, Iceland, Switzerland and Liechtenstein
- NAFTA: United States, Mexico and Canada (being renegotiated)
- SAFTA: South Asian Free Trade Area comprising Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
- Pacific Alliance: Chile, Colombia, Mexico and Peru
- There are many bi-lateral free trade agreements signed between two countries or between two regional trading blocs e.g. the recently-signed Australia - China Free Trade Agreement
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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