Here’s a look at the most common types:

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Types of Free Trade Agreements
The types of free trade agreements are different and serve various economic and strategic purposes. Each type of FTA brings unique benefits, whether it’s about strengthening the tie between two countries, fostering cooperation within a region or connecting multiple nations who share an interest in trade.


1. Bilateral Free Trade Agreements: Bilateral FTAs are agreements in which two countries combine forces to eliminate trade barriers. These agreements are tailored to suit the needs and strengths of the participating nations. For instance, India has several bilateral FTAs with countries based in Asia and Europe, which provide special advantages to Indian exporters in these marketplaces.

2. Multilateral Free Trade Agreements: Multilateral agreements are those in which many countries agree on trade standards and policies. These are broader in scope, with a greater implication on the general trading of hong kong phone number list the world. A prime example of this is the ASEAN Free Trade Agreement, which unifies the ten Southeast Asian nations with reduced tariffs on numerous goods and services offered.

3. Regional Trade Agreements: Like the European Free Trade Agreement, regional agreements unite countries within a geographical region. FTAs within such regions benefit the involved countries by encouraging more trade and economic cooperation among neighbouring nations. In general, regional FTAs ease the movement of goods and services within the region, promoting regional economic stability and cooperation.

Indian Free Trade Agreements
India has led the initiative of FTAs to promote economic growth and export development. Over a very long time, India has made numerous bilateral and regional free trade agreements to expedite trade, job creation, and industrial development.