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Free trade is a government policy whereby a state does not discriminate against imports or interfere with exporting goods by applying tariffs to imports or subsidies to exports. The law of comparative advantage holds that trading partners will achieve mutual gains from free trade. In a free trade market, prices are determined by supply and demand, whereas with other forms of trade policy price is determined by strategy.Free trade also involves free access to markets, market information and the absence of trade distorting policies. | Free trade is a government policy whereby a state does not discriminate against imports or interfere with exporting goods by applying tariffs to imports or subsidies to exports. The law of comparative advantage holds that trading partners will achieve mutual gains from free trade. In a free trade market, prices are determined by supply and demand, whereas with other forms of trade policy price is determined by strategy.Free trade also involves free access to markets, market information and the absence of trade distorting policies. | ||
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[[Category:The Cultural Diplomacy Dictionary]] | [[Category:The Cultural Diplomacy Dictionary]] | ||
