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
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