Question

An agreement involving cooperation between at least two countries to reduce trade barriers – import quotas and tariffs – and to increase trade of goods and services with each other, is known as?

Q: Answer-An agreement involving cooperation between at least two countries to reduce trade barriers – import...

A free-trade area is the region encompassing a trade bloc whose member countries have signed a free-trade agreement FTA. Such agreements involve cooperation between at least two countries to reduce trade barriers import quotas and tariffs and to increase trade of goods and services with each other. If people are also free to move between the countries, in addition to a free-trade agreement, it would also be considered an open border. It can be considered the second stage of economic integration.