Meaning of “preferential trade agreement” in the English Dictionary

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"preferential trade agreement" in Business English

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preferential trade agreementnoun [ C ]

uk us 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)