What are the two types of free trade?

Free Trade Agreements (FTAs) encompass various types, each with distinct characteristics. One such type is the Unilateral FTA, which represents a commercial treaty unilaterally imposed by a nation, without seeking the consent or input of other nations. This approach reflects a country's autonomous decision to liberalize trade and potentially offer preferential market access to its trading partners.

In contrast, Bilateral FTAs involve a mutual understanding between two nations or trading blocs. These agreements grant preferred trade status to specific goods sourced from the signatory countries, fostering closer economic ties and potentially enhancing trade volumes. Bilateral FTAs often address issues such as tariffs, customs procedures, and intellectual property rights, among others.

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