Economic Objectives of Free Trade Agreements
Free trade agreements (FTAs) are expected to enhance economic growth and prosperity by:
– increasing import and export flows;
– increasing investment flows (both outward and inward);
– enhancing productivity through a more efficient allocation of resources and greater openness to international competition.
62% of the UK’s GDP is comprised by trade
Free trade agreements and bilateral trade in goods and services.
The UK is a highly open economy with trade (imports and exports together) equal in value to 62% of GDP.(3)
(3). ONS UK Trade (March 2018), ONS GDP releases
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