A trade pact, also known as a trade agreement or free trade agreement, is a mutually beneficial agreement between nations or regions that reduces or eliminates barriers to trade. Other synonyms for trade pact may include economic partnership, commerce treaty, commercial accord, and bilateral or multilateral trade agreement. These agreements are designed to promote economic growth, job creation, and improved access to goods and services. In addition to reducing tariffs and other trade barriers, trade pacts may also address issues such as intellectual property rights, labor standards, environmental protections, and dispute resolution mechanisms. Overall, trade pacts are an important tool for promoting global economic integration and cooperation.