Answer:
As explained below.
Step-by-step explanation:
- The trade agreement or the trade policy that has a wide range of tariffs and the taxes and is said to be a treaty that often includes the investment made among two or more countries. The most commonly found are the FTA that tends to reduce the quotas, taxes, and other restrictions.
- These trade pacts have frequent political contingents since they may change economic customs and depends on independence relations with partners.
- The WTO raises concerns regarding this regional trading agreement as they may increase costs and even be unfair in trade relations.
- In a globalized world to practice fair and safe trade is a matter of concern due to the political restriction imposed by the other nations. As the so-called Most Favoured Nation status and the system of preference should apply equally.