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English definition of “preferential trade agreement”

preferential trade agreement

noun [C]
 
 
( abbreviation PTA) COMMERCE, TAX
an agreement between countries that reduces the normal taxes on some imported goods: In the absence of a preferential trade agreement, trade with partners outside Europe relies on the contractual framework provided by the WTO.
(Definition of preferential trade agreement from the Cambridge Business English Dictionary © Cambridge University Press)
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