Editing Trade (section)

===Free trade===
{{main|Free trade}}

Free trade is a policy by which a government does not discriminate against imports or exports by applying tariffs or subsidies. This policy is also known as laissez-faire policy. This kind of policy does not necessarily imply a country will then abandon all control and taxation of imports and exports.<ref>{{cite encyclopedia | url=https://www.britannica.com/topic/free-trade-zone | title=Free-trade zone &#124; international trade &#124; Britannica | encyclopedia=Encyclopedia Britannica | access-date=2022-12-01 | archive-date=2023-02-16 | archive-url=https://web.archive.org/web/20230216152423/https://www.britannica.com/topic/free-trade-zone | url-status=live }}</ref>

Free trade advanced further in the late 20th century and early 2000s:
* 1992 [[European Union]] lifted barriers to internal trade in [[good (economics)|goods]] and [[labour (economics)|labour]].
* January 1, 1994 the [[North American Free Trade Agreement]] (NAFTA) took effect.
* 1994 The GATT [[Marrakech Agreement]] specified formation of the WTO.
* January 1, 1995 [[World Trade Organization]] was created to facilitate [[free trade]], by mandating mutual [[most favored nation]] trading status between all signatories.
* EC was transformed into the European Union, which accomplished the Economic and Monetary Union (EMU) in 2002, through introducing the Euro, and creating this way a real single market between 13 member states as of January 1, 2007.
* [[File:Accarias de Sérionne - Intérêts des nations de l'Europe, dévélopés relativement au commerce, 1766 - 5790093.tif|thumb|''Intérêts des nations de l'Europe, dévélopés relativement au commerce'' (1766)]]2005, the [[Central American Free Trade Agreement]] was signed; It includes the United States and the Dominican Republic.