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Free trade refers to a situation in which a government does not attempt to restrict what its citizens can buy from or sell to another country.
What is Free trade?
A free trade policy is one in which imports and exports are not restricted. It is also known as the free market concept applied to international trade.
Goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or bans impeding their interchange under a free trade policy. Trade protectionism and economic isolationism are the polar opposites of free trade.
Without the impact of tariffs, quotas, or subsidies, free trade allows consumers to pick what is best for them. Increased international competitiveness provides similar benefits to increased domestic competition: - Greater efficiency. - More variety and distinctiveness.
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