• free trade area

    free trade area is an area where no customs duties are levied and there are no barriers to free trade and exchange. A free trade area may be within a country or may consist of a merger of several countries. One of the best known is the European Free Trade Area. With the achieved free trade, the exchange of goods is enormously facilitated, because any import taxes or customs duties are eliminated. The exchange of goods, such as in the Europe Free Trade Area, is promoted and is a means against imports from third countries if their goods affect the domestic market too much.

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