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The OED records the use of the phrase "free trade agreement" with reference to the Australian colonies as early as 1877. [9] After the WTO's World Trade Organization - which has been considered by some as a failure for not promoting trade talks, but a success by others for preventing trade wars - states increasingly started exploring options to conclude FTAs.
States can unilaterally reduce regulations and duties on imports and exports, as well as form bilateral and multilateral free trade agreements. Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between ...
The term was first used by Jagdish Bhagwati in 1995 in the paper: “US Trade policy: The infatuation with free trade agreements”, [1] where he openly criticized FTAs as being paradoxically counter-productive in promoting freer and more opened global trades. According to Bhagwati, too many crisscrossing FTAs would allow countries to adopt ...
The Case Against Free Trade: GATT, NAFTA, and the Globalization of Corporate Power (ISBN 1-55643-169-4) is a book edited by Ralph Nader which was first published in 1993. Besides Nader himself, the chapters are authored by many well known writers, activists and politicians.
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.
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.
This last requirement is particularly important because there is often a suspicion that the insertion of labour standards into free trade agreements/other measures, for example, are really disguised restrictions on trade. Furthermore, the 'necessity test' ensures that only when the products themselves present a threat can they be restricted.
Free trade – Absence of government restriction on international trade; Free-trade area – a region encompassing a trade bloc whose member countries have signed a free trade agreement. Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and ...