Short Meaning Of Free Trade Agreement

For most countries, it is in the automotive, oil or food industry. The Obama administration negotiated the world`s largest bilateral agreement, the Transatlantic Trade and Investment Partnership with the European Union. Unlike a customs union, parties to a free trade agreement do not retain common external tariffs, which means they apply different tariffs as well as other policies with respect to non-members. This feature allows non-parties to obtain footsp preferences under a free trade agreement by entering the market with the lowest external tariffs. .

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