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free trade

Free Trade  
Part of the National cirriculum

Economic system where governments do not interfere in the movement of goods between countries; there are thus no taxes on imports. In the modern economy, free trade tends to hold within economic groups such as the European Union (EU), but not generally, despite such treaties as the General Agreement on Tariffs and Trade (GATT) of 1948 and subsequent agreements to reduce tariffs. The opposite of free trade is protectionism.

© RM 2009. Helicon Publishing is division of RM.


 
 

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Yellow represents the golden land of South America. Blue stands for the ocean separating the country from Spain. Red symbolizes the blood and courage of the people resisting the tyrants. Effective date: 26 November 1861.

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