free trade agreement

A free trade agreement is a formal arrangement between countries that reduces or eliminates barriers to trade, such as tariffs (taxes on imports) and quotas. This allows goods and services to flow more freely across borders, fostering economic cooperation and growth. The goal is to make it easier and cheaper for businesses to operate internationally, benefiting consumers with more choices and lower prices. While it promotes trade, it may also impact local industries and jobs, depending on how it's structured and implemented. Overall, it aims to build stronger economic ties between the participating nations.