Free Trade Areas

A Free Trade Area (FTA) is a group of countries that agree to reduce or eliminate trade barriers, such as tariffs and quotas, between them. This allows goods and services to move more freely across borders, promoting trade and economic cooperation. Each country retains its own trade policies with non-member countries. FTAs aim to enhance economic growth by making it cheaper and easier for businesses to trade and compete, benefiting consumers with more choices and lower prices. Examples include the North American Free Trade Agreement (NAFTA) and the European Free Trade Association (EFTA).