10 Interesting Fact About International trade agreements and tariffs

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• The first international trade agreement that occurred was the Cobden-Chevalier agreement between Britain and France in 1860.
• Tariffs are taxes imposed on imported goods to protect domestic production.
• The main purpose of the international trade agreement is to increase trade between the countries involved and strengthen their economic relations.
• Tariffs can be an obstacle to international trade and can reduce profits on businesses in countries affected.
• WTO (World Trade Organization) is an international organization responsible for facilitating international trade and reducing trade barriers.
• NAFTA (North American Free Trade Agreement) is a trade agreement between the United States, Canada, and Mexico which came into force in 1994.
• International trade agreements can help reduce poverty and increase economic growth in developing countries.
• Tariffs can affect the price of goods and services, so that it can affect consumer purchasing power.
• Some international trade agreements regulate environmental standards and human rights.
• International trade agreements can affect politics and relations between countries.