Free Trade | MCQs

Explanation

 The NAFTA was signed by Canada, Mexico, and the United States in 1992.

North American Free Trade Agreement full form of NAFTA.

This agreement created one of the largest free-trade zones.

Explanation

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement among nations in the Asia-Pacific region 

It is a free trade agreement among 15 nations in the Asia-Pacific region.

This partnership includes 10 ASEAN countries:

• Brunei
• Cambodia
• Indonesia
• Laos
• Malaysia
• Myanmar
• the Philippines
• Singapore
• Thailand
• Vietnam

5 additional countries:

• China
• Japan
• South Korea
• Australia
• New Zealand.

Explanation

Free trade refers to a trade policy where a country does not impose any tariffs, quotas, or other restrictions on imports or exports.

This means that goods and services can be traded between countries without any government interference or protectionism.

Explanation

Lord Lytton served as Viceroy of India from 1876 to 1880.

His administration introduced the Free Trade Policy in 1879, removing restrictions on imported goods to boost British industrial exports to India.

This policy favored British manufacturers at the expense of Indian industries.

Explanation

A free trade agreement reduces barriers to imports and exports between countries by eliminating all or most tariffs, quotas, subsidies, and prohibitions.

Explanation

Under the terms of the agreement, there will be zero tariffs and zero quotas on goods,

and both sides will cooperate on key issues including security, travel, and climate change.

European Commission President Ursula von der Leyen

Explanation

On 28 September 2023, Pakistan and the Gulf Cooperation Council (GCC) have signed a free trade agreement (FTA) following the conclusion of the final round of negotiations between the two sides in Riyadh, Saudi Arabia

Explanation

On 28 September 2023, Pakistan and the Gulf Cooperation Council (GCC) have signed a free trade agreement (FTA) following the conclusion of the final round of negotiations between the two sides in Riyadh, Saudi Arabia

Explanation

RCEP was signed virtually, and organized by Vietnam

Explanation

Israel signed a free trade agreement with the United Arab Emirates on 31 May 2022, its first big trade accord with an Arab state and a move aimed at boosting trade between the two Middle East nations.