Free-trade area
Free-trade area: a group of two or more countries or economies, customs territories in technical language, that have eliminated tariff and all or most non-tariff measures affecting trade among themselves. Participating countries usually continue to apply their existing tariffs on external goods. Free-trade areas are called reciprocal when all partners eliminate their tariffs and other barriers towards each other. There are cases where developing country partners are exempt from making equivalent reductions, as is the case with SPARTECA and the ACP-EC Partnership Agreement, even though they get free access to developed-country markets. These are called non-reciprocal free-trade areas. See also customs union, trade creation, trade deviation and trade diversion.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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