PREFERENTIAL TRADE AGREEMENT (PTA)
\pɹˌɛfəɹˈɛnʃə͡l tɹˈe͡ɪd ɐɡɹˈiːmənt tˈɑː], \pɹˌɛfəɹˈɛnʃəl tɹˈeɪd ɐɡɹˈiːmənt tˈɑː], \p_ɹ_ˌɛ_f_ə_ɹ_ˈɛ_n_ʃ_əl t_ɹ_ˈeɪ_d ɐ_ɡ_ɹ_ˈiː_m_ə_n_t__ t_ˈɑː]\
Definitions of PREFERENTIAL TRADE AGREEMENT (PTA)
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A pact of trade, formed between two or more countries, allowing them to reduce the tariffs charged on specific goods during trade with each other. Even though the tariffs arenâ€™t completely removed, the amount charged is much lesser than that the amount charged from countries who are not included within the agreement.
By Henry Campbell Black