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The ultimate goal of the Free Trade Area is to come up with trade policies that all the member countries will agree upon in conducting beneficial trade among them. Some of the well-known Free Trade Areas in the word are presented in Table 1 below. Economic Benefits Countries always get into FTAs because of the economic benefits that FTAs promise (Drăgan, 2015, p. This contributes to the economic growth in the less-developed countries (Froning, 2000, p. Therefore, FTA has the potential for enabling economic growth of all the member countries involved, even the already developed nations. Free Trade Area Founded Members Examples of Member Countries European Free Trade Association (EFTA) 1960 4 Iceland, Liechtenstein, Norway, and Switzerland European Union (EU) 1993 28 France, Luxembourg, Belgium, Italy, Germany, Netherlands, etc. North American Free Trade Agreement (NAFTA) 1994 3 USA, Mexico, and Canada. As a result, the governments push for some clauses in the Free Trade Agreement...

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Free Trade Areas - advantages and disadvantages local companies

Young H
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Young H
This work's rating is: 5