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Free Trade is a policy to eliminate restriction or barriers on imports and exports. In other words, Tariff, Quota, Subsidies and other kinds of barriers would not exist under free trade. If free trade is adopted for all countries, this should increase global economic output as they will be able to produce more efficiently. However, there are particular advantages/disadvantages for some countries who choose to erect trade barriers, which we will discuss in the slides below.
Free Trade Revision Notes
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