Trade Agreements and Regulations

Trade agreements are formal contracts between countries that outline the rules for exchanging goods and services. These agreements aim to reduce barriers like tariffs and quotas, making trade easier and often cheaper. Regulations, on the other hand, are rules that govern how economic activities occur, ensuring safety, quality, and fair practices. Together, trade agreements and regulations shape the global economy by influencing how countries trade, compete, and cooperate, ultimately affecting prices, availability of products, and economic growth.