Reduced income. Member countries can no longer earn revenue from tariffs. Threats to intellectual property.
Free Trade Agreements are extremely important because they include clauses that help countries avoid the worst possible damage that isolationism could do to their own people.
When imports are freely traded, domestic producers are often able to copy the products and sell them as knock-offs without fear of any legal repercussions.
Before, countries used to protect their domestic industries against foreign competition. However, international trade has allowed for the formation a unified marketplace that eliminates all trade barriers
Outsourcing jobs in developing countries can become a trend with a free trade area. Because many countries lack labor protection laws, workers may be forced to work in unhealthy and substandard work environments.
the share of trade of goods and services in world GDP has increased from43% in 1995 to 60% in 2013. Meanwhile, for the MENA Region, this share expanded from 62% in 1995 to 90% in 2013