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The basic argument for free trade is based on the economic theory of comparative advantage: each region should concentrate on what it can produce most cheaply and efficiently and should exchange its products for those it is less able to produce economically. Cf: Columbia Encyclopedia.
The basic argument for free trade is based on the economic theory of comparative advantage: each region should concentrate on what it can produce most cheaply and efficiently and should exchange its products for those it is less able to produce economically. Cf: Columbia Encyclopedia.
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There are some regional free trade agreements like the ''North American Free Trade Agreement'' (NAFTA) and the ''Free Trade Area of the Americas'' (FTAA); in [[Europe]], ''The European Free Trade Association'' (EFTA), which is an intergovernmental organisation set up for the promotion of free trade and economic integration to the benefit of its four Member States: [[Iceland]], [[Liechtenstein]], [[Norway]] and [[Switzerland]]. [http://www.efta.int/]
== See also ==
== See also ==