Free Trade - Features of Free Trade

Features of Free Trade

Free trade implies the following features:

  • Trade of goods without taxes (including tariffs) or other trade barriers (e.g., quotas on imports or subsidies for producers)
  • Trade in services without taxes or other trade barriers
  • The absence of "trade-distorting" policies (such as taxes, subsidies, regulations, or laws) that give some firms, households, or factors of production an advantage over others
  • Free access to markets
  • Free access to market information
  • Inability of firms to distort markets through government-imposed monopoly or oligopoly power

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