Shaikh, F.M (2009), “Analyse of bilateral trade liberalization and south asian free trade agreement (SAFTA) on Pakistan`s economy by using CGE model”, Journal of International Trade Law and Policy, Vol. 8 No. 3, pp. 227-251. Few topics separate economists from the general public as much as free trade. The research findings indicate that economists at U.S. university faculties are seven times more likely to support free trade policy than the general public. In fact, the American economist Milton Friedman said, “The economic profession almost agreed on the desire for free trade.” Currently, the United States has 14 free trade agreements with 20 countries. Free trade agreements can help your business more easily enter and compete with the global marketplace through zero or reduced tariffs and other provisions. While the specificities of different free trade agreements are different, they generally provide for the removal of barriers to trade and the creation of a more stable and transparent trade and investment environment.
This allows U.S. companies to export their products and services to easier and cheaper commercial markets. If the UK and the EU fail to conclude a free trade agreement, the WTO GATT will apply to trade in goods. While the UK and the EU do not agree on a free trade agreement, the WTO`s General Agreement on Trade in Services (GATS) also applies to trade in services. There are important distinctions between customs unions and free trade areas. Both types of trading blocs have internal agreements that the parties conclude to liberalize and facilitate trade between them. The key difference between customs unions and free trade areas is their treatment vis-à-vis third parties[clarification of concepts required]. While a customs union requires all parties to set and maintain identical external tariffs for trade with non-parties, parties to a free trade area are not subject to such a requirement. Instead, they may import and maintain the customs procedure applicable to imports from non-Parties which they deem necessary.  In a free trade area without harmonized external customs duties, the Parties will adopt a system of preferential rules of origin to eliminate the risk of relocation.
 This view first became popular in 1817 by the economist David Ricardo in his book On the Principles of Political Economy and Taxation. He argued that free trade expands diversity and reduces the prices of goods available in a nation, while making better use of its resources, knowledge and specialized skills. Jean, S., Mulder, N. and Ramos, M.P. (2014), “A general equilibrium, ex-post evaluation of the EU-Chile free trade agreement,” Economic Modelling, p. 41, no. 5, pp. 33-45. The European Union is today a remarkable example of free trade.
The Member States form an essentially unlimited unit for the purposes of trade and the introduction of the euro by most of these nations paves the way. It should be noted that this system is regulated by a Brussels-based bureaucracy, which has to deal with the many trade-related issues that arise between representatives of the Member States. . . .