Free trade

Free trade

A situation in which there are no artificial barriers to trade, such as tariffs and NTBs. Usually used, often only implicitly, with frictionless trade, so that it implies that there are no barriers to trade of any kind. For a traded homogeneous product, it follows that domestic and world price must be equal.

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Part of Speech: noun
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Industry/Domain: Economy
Category: International economics
Company: University of Michigan
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