trade pact
definition: A trade pact eliminates trade restrictions among its member countries while discriminating against third parties. Trade pacts can be constructed as preferential trade agreements (arrangements with a limited degree of tariff preferences) or as free trade areas (FTA) where tariffs on trade among member countries are removed, while tariffs for imports of nonmembers are not changed. [Source: Encyclopedia of Business in Today's World; Trade Pact]
broader: international trade
type: Concept

international trade
type: Concept
narrower: trade pact

concepts
type: Collection
type: ConceptGroup
member: trade pact