Free
trade is a policy followed by some international markets in which countries’
governments do not restrict imports or exports from/to other countries. For
example:-
BIMSTEC
(Bhutan, India, Myanmar, Sri Lanka, Nepal, Thailand, Bangladesh), NAFTA (North
American Free Trade Area: America, Canada Mexico)
Pros
Increased
production, Production efficiencies, Benefits to consumers, Foreign exchange
gains, economic growth.
Cons
Structural
unemployment may occur, International markets are not a level playing field,
Domestic economic instability may occur
