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First Generation Free Trade Agreement

First, the customs duties and other rules which are maintained in each of the signatory parties to a free trade area and which are applicable at the time of the establishment of such a free trade area shall not be higher or more restrictive for trade with non-parties to such a free trade area than customs duties and other rules which existed in the same signatory parties before the establishment of the free trade area. In other words, the creation of a free trade area for preferential treatment among its members is legitimate under WTO law, but parties to a free trade area should not treat non-parties less favourably than before the establishment of the area. A second requirement of Article XXIV is that tariffs and other barriers to trade must essentially eliminate all trade within the free trade area. [10] The food sector is certainly a sector that has generally benefited from free trade agreements. Free trade agreements, a form of trade pact, set the tariffs and tariffs imposed by countries on imports and exports in order to reduce or eliminate barriers to trade, thereby promoting international trade. [1] These agreements generally focus “on a chapter that provides for preferential tariff treatment,” but they often contain “trade facilitation and regulatory clauses in areas such as investment, intellectual property, government procurement, technical standards, and sanitary and phytosanitary issues.”