FREE TRADE AGREEMENT
\fɹˈiː tɹˈe͡ɪd ɐɡɹˈiːmənt], \fɹˈiː tɹˈeɪd ɐɡɹˈiːmənt], \f_ɹ_ˈiː t_ɹ_ˈeɪ_d ɐ_ɡ_ɹ_ˈiː_m_ə_n_t]\
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Buying and selling, importing and exporting of goods and services, not capital or labor, between two or more countries that have no limits or quotas or barriers or unbalanced tariffs. Treaty examples are FTAA and NAFTA. Non-treaty countries typically pay a somewhat higher tariff.
By Henry Campbell Black
