A free trade agreement (FTA) is a trade treaty between two or more countries. Usually these agreements are between two countries and are meant to reduce or completely remove tariffs to trade. According to the World Trade Organization there are more than 200 FTAs in force. [1] Most FTAs are between two individual countries, however, agreements can be reached between a trade bloc and a individual country such the European Union-Chile free trade agreement. [1]
The number of FTA has increased significantly over the last decade. Between 1948 to 1994, the General Agreement on Tariffs and Trade (GATT), the predecessor to the WTO, received 124 notifications. Since 1995 over 300 trade agreements have been enacted. [2]
References
- ^ a b "Regional trade agreements". World Trade Organization. http://www.wto.org/english/tratop_e/region_e/region_e.htm. Retrieved 2009-08-16.
- ^ "Facts and figures". World Trade Organization. http://www.wto.org/english/tratop_e/region_e/regfac_e.htm. Retrieved 2009-08-16.
See also
- Comprehensive Economic Partnership Agreement (CEPA)
- List of free trade areas
- List of bilateral free trade agreements
- List of free trade agreements
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