Preferential trade agreement, agreements between countries where tarrif and other trade barriers are reduced on some but not all goods, free trade agreement, all tarrifs and quotas on goods are removed on trade in goods - but can impose these on countries outside a trading bloc, customs union, free trade within within the trading bloc and a common external tariff on goods coming from outside the bloc, trading bloc, a group of countries which have signed an agreement to reduce tariffs and quotas

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