Question

? Q.2 What do FTA and PTA stand for? And what are the advantages of belonging to a trade organization? ​

Answer 1

Free trade agreement (PTA)
Preferential trade agreement (FTA)
Advantages are
1) International specialisation
2) Increase in world production and world consumption
3) Safeguard against the advent of monopolies
4) Links with other countries
5j Higher earning of the factors of production

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