Preferential Trade Agreement
/ˌprɛfəˈrɛnʃəl treɪd əˈɡriːmənt/
Definitions
- (n.) A legally binding agreement between two or more countries granting preferential access to certain products by reducing tariffs or other trade barriers.
The Preferential Trade Agreement allowed member countries to import textiles with reduced customs duties.
Forms
- preferential trade agreement
- preferential trade agreements
Related terms
See also
Commentary
PTAs are often stepping stones toward broader free trade agreements, and precise language is key to defining product coverage and tariff schedules.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.