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Bilateral Free Trade Agreement Examples

When it comes to international trade, bilateral free trade agreements have become more common in recent years. These agreements help to eliminate trade barriers between two countries, ultimately leading to increased economic growth and prosperity.

Here are some examples of successful bilateral free trade agreements:

1. NAFTA (North American Free Trade Agreement): Signed in 1994 between the United States, Canada, and Mexico, NAFTA was the first trade agreement of its kind. It eliminated tariffs on most goods traded between the three countries, leading to an increase in cross-border trade and investment.

2. ASEAN-Australia-New Zealand Free Trade Agreement: This agreement was signed in 2008 between the member countries of the Association of Southeast Asian Nations (ASEAN), Australia, and New Zealand. It aimed to reduce tariffs on a wide range of goods and services, leading to increased investment and trade between the countries involved.

3. US-Korea Free Trade Agreement: This agreement was signed in 2012 between the United States and South Korea. It was designed to reduce tariffs on a variety of goods and services, leading to increased trade between the two countries. Since its implementation, there has been a significant increase in US exports to South Korea.

4. Australia-United States Free Trade Agreement: Signed in 2004, this agreement aimed to eliminate barriers to trade between Australia and the United States. It has had a positive impact on both countries, with increased investment and job creation.

Bilateral free trade agreements can have a significant impact on a country`s economy. By eliminating trade barriers and promoting free trade, these agreements can increase economic growth, create jobs, and boost exports. As countries continue to seek new trade partners, it`s likely that we will see more bilateral free trade agreements in the future.

Bilateral Free Trade Agreement Examples
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