Preferential Trade Agreements
Syllabus: Explain that preferential trade agreements give preferential access to certain products from certain countries by reducing or eliminating tariffs, or by other agreements relating to trade.
A trade pact between counries that reduces tariffs for certain products to the countries who sign the agreement. While
the tariffs are not necessarily eliminated, they are lower than countries not party to the agreement. It is a form of economic integration.
Read more: http://www.businessdictionary.com/definition/Preferential-Trade-Agreement-PTA.html#ixzz4DoowNVOO
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