Free Trade Agreements (FTAs)
Significance
- Market Access: FTA partners gain easier market access into each other's markets by eliminating tariffs and some non-tariff barriers. Sanitary and phytosanitary (SPS) measures, Technical Barriers to Trade (TBT), customs processes, and other non-tariff barriers are examples.
- Preferential treatment for FTA members over non-FTA members: For example, ASEAN has an FTA with India but not with Canada. Leather shoes are subject to a 20% customs duty in ASEAN, although this is reduced to nil under the FTA with India. Furthermore, FTAs may prevent local exporters from losing market share to foreign firms that benefit from special treatment under other ....
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