EPFO 2015 English Medium Solved Paper

A Free trade Area (FTA) occurs when a group of countries agrees to eliminate tariffs among themselves but maintain their own external tariff on imports from the rest of the world. A Free Trade Area is a region in which a group of countries has signed a FTA and maintain little or no barriers to trade in the form of tariffs or quotas between each other. Examples of Free Trade Areas include NAFTA-United States, Mexico and Canada (being renegotiated), EFTA-European free trade Association consists of Norway,Iceland, Switzerland and etc.