What is another word for free-trade areas?
Pronunciation: [fɹˈiːtɹˈe͡ɪd ˈe͡əɹi͡əz] (IPA) 
Free-trade areas, also known as trade blocs, are geographical regions where trade barriers, such as tariffs and quotas, are eliminated between member countries. Synonyms for free-trade areas include trading blocs, economic unions, customs unions, and common markets. A trading bloc refers to a group of countries that eliminate trade barriers to promote the free flow of goods, services, and capital. Economic unions take one step further by also harmonizing economic policies among member countries. Customs unions, on the other hand, eliminate trade barriers among member countries and adopt a common external tariff against non-members. A common market takes it even further by allowing the free movement of goods, services, capital, and labor among member countries.
