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Multilateral trade agreements are agreements among three or more countries, and are the most difficult to negotiate and agree. [1] FTAs, a form of trade pacts, determine the tariffs and duties that countries impose on imports and exports with the goal of reducing or eliminating trade barriers, thus encouraging international trade. [2]
A multilateral free trade agreement is between several countries all treated equally, and creates a free trade area.Every customs union, common market, economic union, customs and monetary union and economic and monetary union is also a free trade area, and are not included below.
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
Chile is negotiating or is planning bilateral agreements with the following countries and blocs: Guatemala; India [112] Nicaragua; People's Republic of China is negotiating or is planning bilateral agreements with the following countries and blocs: Gulf Cooperation Council (GCC) – China–GCC Free Trade Agreement
According to mainstream economics theory, the selective application of free trade agreements to some countries and tariffs on others can lead to economic inefficiency through the process of trade diversion. It is efficient for a good to be produced by the country which is the lowest cost producer, but this does not always take place if a high ...
Free trade agreements or free trade areas are listed as follows: List of multilateral free trade agreements; List of bilateral free trade agreements; See also.
NAFTA GDP – 2012: IMF – World Economic Outlook Databases (October 2013) The North American Free Trade Agreement (NAFTA / ˈ n æ f t ə / NAF-tə; Spanish: Tratado de Libre Comercio de América del Norte, TLCAN; French: Accord de libre-échange nord-américain, ALÉNA) was an agreement signed by Canada, Mexico, and the United States that created a trilateral trade bloc in North America.
The European Union has concluded free trade agreements (FTAs) [1] and other agreements with a trade component with many countries worldwide and is negotiating with many others. [2] The European Union negotiates free trade deals on behalf of all of its member states, as the member states have granted the EU has an "exclusive competence" to ...