Free trade area and Preferential trading area - difference

What is the difference between Free trade area FTA and Preferential trading area PTA ? Are there any differences or is it the same ?
25 Oct 2019 at 11:50 AM
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Free trade area is not the same as Preferential trading area. There are similarities, but also an essential differences between both.

FTA is a trading bloc, whose members have signed a free trade agreement, to reduce trade barriers between them.

PTA is a trading bloc, giving preferential access to specific products from the participating members. It is done by reducing of the tariffs, but not by abolishing them completely.
27 Oct 2019 at 06:04 PM
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