Economic agreements refer to formal arrangements between countries that outline specific terms and conditions for cooperation in trade, investment, and economic policies to promote mutual benefits.
Related terms
Free Trade Agreements: These are economic agreements that eliminate or reduce barriers such as tariffs and quotas on the exchange of goods and services between countries.
Customs Union: This is an economic agreement where member countries remove trade barriers among themselves and adopt a common external tariff towards non-member countries.
Regional Integration: This refers to the process of countries coming together through various agreements to achieve greater political, social, or economic cooperation within a specific region.