Trade agreements are pacts or contracts that govern the exchange of goods and services between nations or trading blocs. Synonyms for this term could include commercial treaties, trade pacts, bilateral or multilateral agreements, trade accords, free trade agreements (FTAs), common markets, and economic partnership agreements (EPAs). Commercial treaties are legally binding agreements negotiated between two or more countries to facilitate trade in certain products or services. Trade pacts, on the other hand, are usually more comprehensive and can cover a wide range of issues, including investment, intellectual property, and labor standards. Bilateral agreements refer to trade deals between two countries, while multilateral agreements involve several countries. FTAs, common markets, and EPAs are all types of treaties that encourage free trade between countries.